In confirming with an outside agent, such as a financial institution, that the agent is holding investment securities in the client's name, an auditor most likely gathers evidence in support of ASB balance assertion of existence and:
A)valuation.
B)rights and obligations.
C)completeness.
D)accuracy.

Question

Quizplus · Accepted Answer

In confirming with an outside agent that they are holding investment securities in the client's name, the auditor is concerned with verifying the client's rights and obligations related to those securities. This assertion relates to whether the client has legal ownership of the securities and the corresponding rights to receive benefits from them. It is not related to the valuation, completeness, or accuracy of the securities.

In Confirming with an Outside Agent, Such as a Financial