If the Auditor Was Testing Inventory Pricing the Audit Objective

question 35

Multiple Choice

If the auditor was testing inventory pricing the audit objective being fulfilled would be

• A) completeness.
• B) rights and obligations.
• C) existence.
• D) accuracy, valuation, and allocation.

---

Definitions:

Management Levels

The different tiers of management within an organization, typically including top-level, middle-level, and lower-level management, each with specific responsibilities.

Decentralization

The distribution of decision-making powers away from a central authority to lower levels in an organization.

Franchise

The right or license granted to an individual or group to market a company’s goods or services.

License

A legal authorization allowing an individual or entity to use a piece of property or engage in a particular activity or business.