Which Assertions and Controls Must Be Tested by the Auditor

question 65

Multiple Choice

Which assertions and controls must be tested by the auditor?

• A)All controls and assertions must be tested.
• B)A sample of controls and assertions must be tested.
• C)Material controls and assertions must be tested.
• D)The majority of controls and assertions of the client must be tested.

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Definitions:

Government of Canada Bond

A debt security issued by the Canadian government to support government spending.

Maturity Date

The specified date on which the final payment of a loan, bond, or other financial instrument must be paid in full.

Par Value

The face value of a bond or stock, as stated by the issuing company.

Coupon

The interest payment made to the bondholders during the life of the bond.