The Audit Objective Related to Existence Is to Obtain Evidence

question 5

True/False

The audit objective related to existence is to obtain evidence that the asset,liability or equity exists physically or legally.

Recognize the reasons and benefits behind premium discounts in insurance policies.

Understand the relationship between insurance laws and personal financial responsibility requirements.

Understand the concept of liability in both property and personal contexts within insurance policies.

Recognize the importance and impact of demographic and situational factors in determining insurance rates and coverage.

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Definitions:

Acceptance

The act of agreeing to the terms of an offer, contract, or proposal, creating a binding agreement.

Additional Terms

Supplementary conditions or provisions added to a contract that were not included in the original agreement.

Statute Of Frauds

A state statute under which certain types of contracts must be in writing to be enforceable.

Signed By Parties

Indicative of an agreement or document that has been formally endorsed or authenticated by those involved.