Solution-Find which management assertions is supported by

Find which management assertions is supported by the test

Reference no: EM132704104

Problem 1: An auditor physically inspects the company's fixed assets and traced the serial numbers on each piece of equipment to the client's fixed asset subledger. Which of the following management assertions is supported by this test?

A. Existence
B. Completeness
C. Rights
D. Valuation

Problem 2: Which of the following is a reason why an assertion would be tested year end rather than at an interim period?

A. There is a lower risk of material misstatement for the assertion.
B. Internal controls are operating effectively.
C. There is information that can be used as effective audit evidence that is only available during the interim period.
D. There is a significant change expected in the account balance during the later part of the year.

Reference no: EM132704104

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Find which management assertions is supported by the test

Reference no: EM132704104

Reference no: EM132704104

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