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

assemble prospective financial statements based on the assumptions of the entity's management without expressing any assurance.  

44.

The underlying conditions that create demand by users for reliable information include all of the following, except      A.  transactions are numerous and complex.   B.  users lack professional skepticism.   C.  users are separated from accounting records by distance and time.   D.  financial decisions are important to investors and users.   E.  decisions are time-sensitive.

 

45.	Cutoff tests designed to detect credit sales made before the end of the year that have been recorded in the subsequent year provide assurance about the PCAOB assertion of      A.  presentation.   B.  completeness.   C.  rights.   D.  existence.

 

46.	Inquiries of warehouse personnel concerning possible obsolete or slow moving inventory items provide assurance about the PCAOB assertion of      A.  completeness.   B.  existence.   C.  presentation.   D.  valuation.   E.  rights and obligations.