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11. During an audit of a client's capital cycle, the auditor checks whether preferred stock and bonds are adequately backed by sinking funds. This procedure

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11. During an audit of a client's capital cycle, the auditor checks whether preferred stock and bonds are adequately backed by sinking funds. This procedure most likely is designed to achieve the specific audit objective of a. existence. b. completeness. c. valuation and allocation. d. understandability

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