Substantive Tests Must Be Designed to Tests Specific Audit Objectives

question 45

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.
-Obtain the market value of short term securities as of the balance sheet date from
published records.

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

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Definitions:

Terence Powderly

An American labor union leader who served as head of the Knights of Labor in the late 19th century, promoting workers' rights and the eight-hour workday.

Judicial Protection

The safeguarding of rights and freedoms of individuals and entities by the judiciary, ensuring legal protection against violations.

Property Rights

Property rights are the legal rights to use, control, and dispose of property, including real estate, intellectual property, and personal possessions.

1894 Pullman Strike

A significant labor strike in 1894 by railroad workers upset by reduced wages, which severely disrupted rail traffic in the United States.