Observing the client's stocktake enables the auditor to establish that:
A) items belonging to the client are accurately counted and recorded.
B) count tags,sheets or cards are properly controlled.
C) the client's personnel are complying with the instructions for stocktakes.
D) All of the above
Correct Answer:
Verified
Q23: The valuation and allocation assertion relates to
Q24: Discuss the specific issues that auditors should
Q25: Explain how substantive testing is used for
Q26: The typical procedures performed to verify that
Q27: Identify and explain the key audit assertions
Q29: Explain examples of substantive tests of inventory
Q30: What are the key assertions for payables?
A)Completeness
Q31: Auditors usually test for the existence of
Q32: When performing substantive procedures,the key objective is
Q33: Existence of trade receivables is usually verified
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