Which Type of Audit Evidence Can the Auditor Use in Support

question 66

Multiple Choice

Which type of audit evidence can the auditor use in support of the 'ownership of noncurrent assets' audit objective?

• A) examine invoice from vendor
• B) examine title for ownership of asset
• C) physical examination
• D) direct confirmation with vendor

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Definitions:

Payment Order

An instruction by a customer to its bank to pay a specific amount of money to a designated recipient, key in facilitating international trade and finance.

Originator

The individual or entity that creates or initiates something, often used in financial contexts to refer to the original lender or issuer of a loan or financial instrument.

EFTA

Stands for the European Free Trade Association, which is a regional trade organization and free trade area consisting of European countries.

Stop Payment Order

An instruction to cancel the payment process of a check, draft, or another financial instrument before it has been cashed or deposited.