The Auditor Is Testing for the Balance-Related Audit Objective of Detail

question 18

Multiple Choice

The auditor is testing for the balance-related audit objective of detail tie-in when they

• A) prove the schedule of investment activity as to additions and subtractions.
• B) perform a physical inspection of the security.
• C) verify the quoted market prices.
• D) test management's assumptions related to valuation.

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Definitions:

Frozen

The state of being solidified by cold temperatures, or metaphorically, immobilized by circumstances.

High Altitude

Describes locations at a significant height above sea level, affecting various physical, mechanical, and physiological processes.

Boil

The process of heating a liquid to the temperature at which it turns to vapor.