If the Auditor Reviews the Lower of Cost of Market

question 22

Multiple Choice

If the auditor reviews the lower of cost of market inventory adjustment made by the client,the auditor gathers evidence about which assertion(s) ?

• A)existence and occurrence.
• B)accuracy.
• C)valuation or allocation.
• D)completeness.
• E)presentation and disclosure.

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Definitions:

Parathyroid

Small glands located in the neck that produce parathyroid hormone, which regulates the body's calcium levels.

Calcium Levels

The measure of calcium concentration in the body, which is crucial for various physiological processes including bone formation, muscle function, and nerve transmission.

Thyroid

A gland in the neck that produces hormones regulating growth and development through the rate of metabolism.

Metabolism

The complex of life-sustaining chemical reactions in organisms that allow them to grow, reproduce, maintain their structures, and respond to environments.