In Testing the Existence Assertion for an Asset, an Auditor

question 68

Multiple Choice

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

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

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Definitions:

Needs Fulfillment

The process of satisfying fundamental human needs, such as those for food, shelter, companionship, and esteem, which are essential for well-being and personal development.

Fourth Stage

Referring to the fourth phase in various developmental theories, it often implies a specific period focusing on a particular challenge or achievement.

Crisis Experience

A critical event or period of significant stress in an individual's life, often resulting in profound personal growth or change.

Favorable Outcome

A result or end that is considered to be beneficial, positive, or desirable, often used in the context of therapy or intervention studies.