The Tests of Details of Balances Procedure Which Requires the Auditor

question 35

Multiple Choice

The tests of details of balances procedure which requires the auditor to trace the totals of the notes payable list to the general ledger satisfies the audit objective of

• A) accuracy.
• B) existence.
• C) detail tie-in.
• D) completeness.

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Definitions:

Registration

The act of recording or enrolling details or information officially, often necessary for legal recognition, such as in the case of properties, vehicles, or trademarks.

Securities Enforcement Remedies

Legal tools and methods employed by regulatory bodies to ensure compliance with securities laws and regulations.

Penny Stock Reform Act

Legislation aimed at providing greater transparency and protection in the trading of low-priced, speculative securities known as penny stocks.

Market Reform Act

Legislation aimed at improving the regulation and functioning of financial markets, though the specifics can vary by country.