In Performing Your Audit for a Privately-Held Firm Your Inquiries

question 13

Multiple Choice

In performing your audit for a privately-held firm your inquiries have yielded that one of the company's owner's primary motivations is to pay the least amount of income tax that is possible. Based on this observation which audit objective for ending inventory would the auditor be most concerned about ascertaining?

• A) Completeness
• B) Accuracy
• C) Rights and obligations
• D) Existence

---

Definitions:

Internal Whistleblowing System

An organized procedure within companies allowing employees to report illegal practices or violations of company policies confidentially.

Wrongful Discharge

The unjust or unlawful termination of an employee's contract of employment, violating statutory provisions or terms of an employment agreement.

Jury Duty

A civic obligation requiring individuals to serve on a jury during legal proceedings.

Montana

A state in the Northwestern United States known for its vast, rugged landscapes, and as home to portions of the Yellowstone National Park and Glacier National Park.