Which of the following is not a primary objective of the auditor in undertaking substantive testing of current assets?
A)Determine the completeness of the recorded current assets.
B)Establish the existence of the current assets.
C)Determine the adequacy of the internal control.
D)Determine that the entity holds or controls the right to the current asset.

Question

Quizplus · Accepted Answer

The primary objective of substantive testing of current assets is to determine the existence and completeness of the recorded current assets and to ensure that the entity holds or controls the right to the current asset. While the adequacy of internal control is important, it is not a primary objective of substantive testing of current assets. Rather, it is a primary objective of tests of control.

Which of the Following Is Not a Primary Objective of the Auditor