Reference no: EM132690974

Problem 1: Inspection of assets is not a sufficient form of evidence when the auditor wants to determine the

A. quantity and description of the asset.
B. existence of the asset.
C. condition or quality of the asset.
D. ownership of the asset.

Problem 2: Observation is an important audit technique where the auditor can use? sight, hearing,? touch, and smell. Observation needs to be used together with other audit techniques because

A. it is a point-in-time technique limited to the time of the observation.
B. it is a high-cost technique that is rarely used by auditors.
C. auditors may not accurately observe and interpret what is happening.
D. employees will often perform their procedures consistently over time.