Substantive tests must be designed to tests specific audit objectives.
REQUIRED: For the following specific audit procedures, indicate the assertion that is being tested. Use the following letters, placing your response in the space provideD.
-Examine vehicle registration forms to determine the registered owner.
A)Existence or occurrence
B)Completeness
C)Valuation or allocation
D)Rights and obligations
E)Presentation and disclosure

Question

Quizplus · Accepted Answer

Examining vehicle registration forms to determine the registered owner tests the "Rights and obligations" assertion, as it verifies the entity's legal rights to the vehicles.

Substantive Tests Must Be Designed to Tests Specific Audit Objectives