Auditing & Assurance Services 7th Edition by Timothy Louwers Test bank

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C. Major inventory categories and their valuation bases are adequately disclosed in notes.

D.	All of these are PCAOB presentation and disclosure assertions about inventory

41.

Which of the following is not an ASB assertion about inventory related to presentation and disclosure?

A.	Inventory is properly classified as a current asset on the balance sheet.

B.	Inventory is properly stated at cost on the balance sheet.

C.	Major inventory categories and their valuation bases are adequately disclosed in notes.

D.	All of these are ASB presentation and disclosure assertions about inventory.

42.

In performing an attestation engagement, a CPA typically

A.	supplies litigation support services.

B.	assesses control risk at a low level.

C.	expresses a conclusion on an assertion about some type of subject matter.

D.	provides management consulting advice.

43.

An attestation engagement is one in which a CPA is engaged to

A.	issue, or does issue, a report on subject matter or an assertion about the subject matter that is the responsibility of another party.

B.	provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

C.	testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts.