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

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47. Inquiries of warehouse personnel concerning possible obsolete or slow moving inventory items provide assurance about the ASB balance assertion of 
 


 
A.  completeness.
 
B.  existence.
 
C.  presentation.
 
D.  valuation.
 
E.  rights and obligations.
 
48. The probability that the information circulated by a company will be false or misleading is referred to as 
 


 
A.  business risk.
 
B.  information risk.
 
C.  assurance risk.
 
D.  audit risk.
 
49. The Sarbanes-Oxley Act of 2002 requires that the key company officials certify the financial statements. Certification means that the company CEO and CFO must sign a statement indicating 
 


 
A.  they have read the financial statements.
 
B.  they are not aware of any false or misleading statements (or any key omitted disclosures).
 
C.  they believe that the financial statements present an accurate picture of the company's financial condition.
 
D.  All of these.
 
50. The process of a CPA obtaining a certificate and license in a state other than the state in which the CPA's certificate was originally obtained is referred to as 
 

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