Substantive Tests Must Be Designed to Tests Specific Audit Objectives

question 74

Multiple Choice

Substantive tests must be designed to tests specific audit objectives.
REQUIRED: For the following specific audit procedures, indicate the assertion that is being tested. Use the following letters, placing your response in the space provideD.
-Examine consignment agreements.

• A)Existence or occurrence
• B)Completeness
• C)Valuation or allocation
• D)Rights and obligations
• E)Presentation and disclosure

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Definitions:

DNA

DNA, a molecule responsible for carrying the genetic blueprints essential for the growth, development, operational processes, and reproduction of all recognized living entities and numerous viruses.

Flagellum

A flagellum is a whip-like appendage found on some cells, including bacteria and spermatozoa, that aids in locomotion.

Sperm Cell

is the male gamete or reproductive cell involved in fertilization of the female ovum.

Microvilli

Small, finger-like projections on the surface of some cells that increase the surface area for absorption or secretion.