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

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11. A practitioner is engaged to express an opinion on management's assertion that the square footage of a warehouse offered for sale is 150,000 square feet. The practitioner should refer to which of the following sources for professional guidance? 
 


 
A.  Statement of Auditing Standards.
 
B.  Statements on Standards for Attestation Engagements.
 
C.  Statements on Standards for Accounting and Review Services.
 
D.  Statements on Standards for Consulting Services.
 
12. In auditing the long term debt account, an auditor's procedures most likely would focus primarily on management's assertion of 
 


 
A.  existence.
 
B.  completeness.
 
C.  allocation.
 
D.  rights and obligations.
 
13. An auditor selected items for test counts from the client's warehouse during the physical inventory observation. The auditor then traced these test counts into the detailed inventory listing that ultimately agreed to the financial statements. This procedure most likely provided evidence concerning management's assertion of 
 


 
A.  completeness.
 
B.  valuation.
 
C.  presentation and disclosure.
 
D.  existence.
 
E.  rights and obligations.
 
14. An auditor selected items from the client's detailed inventory listing (that agreed to the financial statements). During the physical inventory observation, the auditor then found each item selected and counted the number of units on hand. Assuming that the amount on hand was the same as the amount in the client's detailed inventory listing, this procedure most likely would provide evidence concerning management's assertion of 
 

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