Which of the Following Is Not a Primary Objective of the Auditor

question 33

Multiple Choice

Which of the following is not a primary objective of the auditor in undertaking substantive testing of current assets?

• A)Determine the completeness of the recorded current assets.
• B)Establish the existence of the current assets.
• C)Determine the adequacy of the internal control.
• D)Determine that the entity holds or controls the right to the current asset.

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Definitions:

Void Ab Initio

A term meaning "void from the beginning," indicating that a contract or agreement was invalid from the start.

Straight Commission

A compensation model in sales where an employee's income is derived entirely from the commissions made on the sales they secure.

Compensation Plan

A structured pay system for employees that may include salary, bonuses, stock options, and other benefits.

Customer Service

The assistance and support provided by a company to the individuals who buy or use its products or services.