An auditor's primary substantive procedures for investments typically include inspection of securities held by the client and confirmation of securities held by third parties. Which of the following assertion(s) is(are) addressed by the audit procedures previously mentioned? *

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 17CYBK
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An auditor's primary substantive procedures for investments typically include inspection of securities held by the client and confirmation of securities held by third parties. Which of the following assertion(s) is(are) addressed by the audit procedures previously mentioned? *

 

A. I and IV

 

 

B. I, II and IV

 

 

C. II and IV

 

 

D. I and VII

 

An auditor's primary substantive procedures for investments typically include detailed review of minutes of meeting and review financial statement presentation and disclosure of investments including related account. Which of the following assertion(s) is(are) addressed by the audit procedures previously mentioned? *

 

A. III and V

 

 

B. V and VIII

 

 

C. III, VI and VIII

 

 

D. V, VII and VIII

 

I. Existence
II. Occurrence
III. Completeness
IV. Valuation and Allocation
V. Accuracy
VI. Classification
VII. Rights and Obligations
VIII. Presentation and Disclosure
Transcribed Image Text:I. Existence II. Occurrence III. Completeness IV. Valuation and Allocation V. Accuracy VI. Classification VII. Rights and Obligations VIII. Presentation and Disclosure
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