An Auditor Will Usually Trace the Details of the Test

question 65

Multiple Choice

An auditor will usually trace the details of the test counts of inventory items selected from the factory floor while observing the inventory stocktake through to a final inventory schedule. This audit procedure is undertaken to
Provide evidence of which assertion(s) ?

• A) Valuation and allocation.
• B) Existence.
• C) Completeness.
• D) Cut-off.

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Definitions:

Multiracial

Referring to a person or group composed of, or identifying with, more than one racial category.

African-American

African-American refers to an ethnic group of Americans with total or partial ancestry from any of the black racial groups of Africa.

European-American

A demographic term referring to Americans who trace their ancestry to Europe.

Hispanic

Relating to Spain or to Spanish-speaking countries, especially those in Latin America, as well as culture, people, or languages associated with this heritage.