In Testing the Existence Assertion for an Asset, an Auditor

question 27

Multiple Choice

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

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

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Definitions:

Low Attrition

A situation where there is a minimal rate of reduction or loss of employees or participants over time, indicating stability.