Which of the following audit objectives relates primarily to the financial report assertion of classification?  Group of answer choicesInventory quantities include all products, materials and supplies owned by the company that are in transit.Inventories are included in the statement of financial position as current assets.Inventories exclude items billed to customers or owned by others.Inventories are included in the statement of financial position at the lower of cost and net realisable value. Previous

Which of the following audit objectives does not relate primarily to the financial report assertion of completeness?  Group of answer choicesInventory quantities include all products, materials and supplies owned by the company that are in transit.Inventory quantities include all products, materials and supplies on hand.Inventories are reduced when appropriate to net realisable value.The totals of inventory listings are properly included in the inventory accounts

In auditing inventories, a major objective relates to the existence assertion.  Of the following audit procedures relating to inventories, which does not support the existence assertion?Select one:a.The auditor observes the client's inventory and performs test counts as appropriate.b.The auditor performs a lower of cost or market test for major categories of inventory.c.The auditor reviews the client's inventory-taking instructions for such matters as proper arrangement of goods, separation of consigned goods, and limits on movements of goods during inventory.d.The auditor confirms inventories not on the premises.

Which of these items does not form part of the financial report on which the auditor expresses an opinion?Group of answer choicesthe directors' reportany additional disclosures necessary to give a true and fair viewnotes required by Accounting Standardsthe statement of cash flows for the year

The financial statements audited by the auditor are identified in theSelect one:a.Opening paragraphb.Opinion paragraphc.Scope paragraphd.All of these

The financial statements subject to audit are those of the entity, prepared and presented by external auditors of the entity with oversight from the managementSelect one:TrueFalse