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1.When an auditor inspects loan documentation and traces the details to recording in the clients...

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Accounting

1.When an auditor inspects loan documentation and traces the details to recording in the clients records, the auditor is gathering evidence to support the:

a.completeness assertion.

b.existence assertion.

c.valuation and allocation assertion.

d.rights and obligations assertion.

2.The management assertion of classification deals with ________.

a.ensuring vacancies are posted to appropriated classified ads

b.transactions and events have been recorded in the proper accounts.

c.classifying between the appropriate financial statements

d.current versus non-current only

3.When would auditors want to decrease the risk that their audit procedures will not detect a material misstatement?

a.When detection risk is high

b.When detection risk is low

c.When inherent risk is low

d.When control risk is low

4.Auditors inspecting purchase orders for proper authorization by a manager before a purchase is made would be an example of ________.

a.a test of controls

b.client communication

c.substantive procedures

d.analytical procedures

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