a. An auditor reviews aged accounts receivable to assess likelihood of collectio

Question

a. An auditor reviews aged accounts receivable to assess likelihood of collection to support
management’s assertion about account balances of
(1) existence.
(2) completeness.
(3) valuation and allocation.
(4) rights and obligations.
b. An auditor will most likely review an entity’s periodic accounting for the numerical
sequence of shipping documents to ensure all documents are included to support
management’s assertion about classes of transactions of
(1) occurrence.
(2) completeness.
(3) accuracy.
(4) classification.

c. In the audit of accounts payable, an auditor’s procedures will most likely focus primarily
on management’s assertion about account balances of
(1) existence.
(2) completeness.
(3) valuation and allocation.
(4) classification and understandability.

Explanation / Answer

a) Valuation and allocation answer -option c b) option -3 Accuracy c) option - Valuation and allocation

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