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Question: The following situations present the auditor with alternative sources of evidence regarding a particular assertion for each situation number1-3 identify the assertion auditor is most likely testing with both procedures and indicate which of two sources present the most persuasive evidence and why.
1. a request vendor statements at year-end for all significant vendors from which the client made purchase during the year.
b. reviews all payment made to vendors and suppliers after year-end to determine if they were properly recorded as accounts payable.
Management assertion:
Most persuasive and why:
2.a.confirm a year-end bank balance with the clients banking institution.
b. review the clients year-end bank statement
3. a. confirm with outside warehouse the inventory that is being held there.
b. physically observes the clients count of existing inventory.
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