In a tour of a client's manufacturing facility,the auditor is most likely attempting to satisfy which of the following management assertions related to long-lived assets?
A)Completeness.
B)Existence.
C)Rights.
D)Presentation and disclosure.

Question

Quizplus · Accepted Answer

The auditor is most likely attempting to satisfy the existence assertion related to long-lived assets by observing the physical presence of assets in the manufacturing facility. Completeness and rights assertions are related to ownership and the inclusion of all relevant assets and liabilities in the financial statements, which are typically verified through other procedures. Presentation and disclosure assertion is related to the accurate and adequate disclosure of information in the financial statements, which is also typically verified through other procedures.

In a Tour of a Client's Manufacturing Facility,the Auditor Is