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All customer orders shipped were also invoiced and that cash was
received.
Quantities of product F411029 have been accurately counted in
the warehouse.

40. Which one of the following would be the least persuasive type of
evidence? (Points: 4)
Confirmations returned by bank directly to the auditor.
Letters of communication from the Securities Exchange
Commission.
Physical examination of perpetual inventory.
General ledger in a newly developed information system.
41. The primary support of an audit is (are) (Points: 4)
the financial statements.
the audit working papers.
the audit report.
the confirmation documentation.
42. The primary assertion that is satisfied by physically observing the
client's count of inventory is (Points: 4)
existence.
rights.
valuation.