An Auditor Would Vouch Inventory on the Inventory Status Report

question 66

Multiple Choice

An auditor would vouch inventory on the inventory status report to the vendor's invoice to obtain evidence concerning management's balance assertions about

• A)existence.
• B)rights and obligations.
• C)completeness.
• D)valuation.

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Definitions:

Consistency

The quality of maintaining uniformity, coherence, and reliability in actions, attitudes, or conditions over time.

Consensus

A general agreement among a group of people, often used as a means of decision-making.

Fundamental Attribution Error

Refers to the tendency of individuals to overemphasize personality-based explanations for behaviors observed in others while underestimating the influence of situational factors.

Attribution Theory

A psychological theory focused on how individuals interpret events and how this relates to their thinking and behavior.