For an auditor to test the existence assertion of assets,testing will be performed beginning with the recorded asset and ending with the source documents.

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Quizplus · Accepted Answer

This statement is true because in order to test the existence assertion of assets, the auditor would start with the recorded asset and then trace back to the source documents to verify that the asset actually exists and is owned by the company. This is a common testing procedure used by auditors to ensure the accuracy of financial statements.

For an Auditor to Test the Existence Assertion of Assets,testing