Audit Documentation

question 19

Multiple Choice

Audit documentation

• A)is referred to as an electronic file
• B)includes a record of the audit procedures performed
• C)includes a record of the audit file obtained
• D)includes a record of the assumptions reached by the auditor from a review of the evidence
• E)may be recorded on paper or in electronic form
• F)both A and C
• G)both B and E

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Definitions:

15 Years Old

Refers to an individual or object that has reached or exists for a duration of fifteen years.

Restrictive Indorsement

An endorsement on a negotiable instrument that limits the way the instrument can be used, such as by specifying a particular payee.

Fiduciary Duty

An obligation to act in the best interest of another party, for instance, the duty a trustee has towards the beneficiaries of the trust.

Indorsee

The person to whom a negotiable instrument (like a check or promissory note) is endorsed or transferred.