An Audit Team's Purpose in Reviewing the Documentation Concerning the Renewal

question 35

Multiple Choice

An audit team's purpose in reviewing the documentation concerning the renewal of a note payable shortly after the balance-sheet date most likely is to obtain evidence concerning management's assertions about:

• A)existence.
• B)valuation.
• C)completeness.
• D)classification.

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Definitions:

Target Audience

A specific group of people identified as the intended recipient of a message, product, or service.

Realize

To become fully aware of something as a fact; to understand clearly.

IEEE

The Institute of Electrical and Electronics Engineers, a professional association dedicated to advancing technological innovation and excellence.

Divisional Vice President

An executive-level position responsible for overseeing a specific division within a company, ensuring its performance and alignment with overall corporate goals.