ACC 562 EDU Great Stories /acc562edu.com ACC 562 EDU Great Stories /acc562edu.com | Page 11

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.
completeness.
43. The audit team asks the client to pull a sample vendor files and
examines the invoices supporting the purchases of inventory items
during the year. What is the most probable reason for the use of this
evidence? (Points: 4)
Confirmation of vendors supplying inventory for existence.
Analytical procedures to determine completeness of inventory.
Testing for the valuation of inventory using the FIFO cost flow
assumption.
Reading the terms of the arrangements with vendors for
disclosure.
44. The extent of procedures is affected mostly by: (Points: 4)
the sheer volume of procedures to be applied by the auditor.