After making inquiries about credit-granting policies, an auditor selects a sample of sales transactions and examines evidence of credit approval. This test of controls most likely supports management's financial statement assertion(s) of:_________.
A. both rights and obligations and valuation or allocation.
B. rights and obligations.
C. valuation or allocation.
D. neither rights and obligations nor valuation or allocation.

Question

10-03-2020
Business

contestada

After making inquiries about credit-granting policies, an auditor selects a sample of sales transactions and examines evidence of credit approval. This test of controls most likely supports management's financial statement assertion(s) of:_________.
A. both rights and obligations and valuation or allocation.
B. rights and obligations.
C. valuation or allocation.
D. neither rights and obligations nor valuation or allocation.

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monica789412 monica789412 · Answer 1 · 2020-03-17T21:16:48+01:00

After making inquiries about credit-granting policies, an auditor selects a sample of sales transactions and examines evidence of credit approval. This test of controls most likely supports management's financial statement assertion(s) of:

C. valuation or allocation.

Explanation:

After making inquiries about credit-granting policies, an auditor selects a sample of sales transactions and examines evidence of credit approval. This test of controls most likely supports management's financial statement assertion(s) of:

C. valuation or allocation.

A complete check is a verification in which all data required to process a given type is rendered carefully
The auditor tests an entity's policy for obtaining credit approval before the goods are shipped to the customers.