In Testing the Existence Assertion for an Asset, an Auditor

question 27

Multiple Choice

In testing the existence assertion for an asset, an auditor ordinarily works from the:

• A)financial statements to the potentially unrecorded items.
• B)potentially unrecorded items to the financial statement.
• C)accounting records to the supporting evidence.
• D)supporting evidence to the accounting records.

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Definitions:

Cholesterol Intake

The amount of cholesterol consumed through food, important to monitor as excessive intake can lead to increased risk of heart disease and stroke.

Nasogastric Tube

A flexible tube that is inserted through the nose, down the esophagus, and into the stomach for feeding or medical treatment purposes.

Nonliquid Medications

Solid forms of medication, such as tablets or capsules, that are administered orally and not in a liquid form.

Irrigate

The process of supplying water to land or crops to help growth, typically by means of channels.