In auditing intangible assets, an auditor most likely would review or recompute accumulated amortization and determine the whether the amortization period is reasonable in suppot of the relevant financial statement assertion of Classification and understandability Completeness d. Valuation and allocation e.Rights and obligations In auditing stockholders equity of a public company, an auditor confirmed shares of common 12. stock issued and outstanding listed on the balance sheet with the transfer agent of the company (a transfer agent is normally a bank that keeps track of the individuals that owm a company's stock). This procedure most likely would focus primarily on management's assertion of a. Existence b. Completeness Valuation and allocation Occurrence d. An auditor selected items for test counts while observing a client's physical inventory. The auditor then traced the test counts to the client's inventory listing. This procedure most likely would support management's financial statement assertion of 13. Existence Rights and obligations Valuation and allocation Completeness a. b. d. e. None of the above n obtaining an understanding of internal control in a financial statement audit, an auditor is not obligated to: 14 Determine whether the controls have been placed in operation Perform procedures to understand the design of internal control b. c d. Document the understanding on the entity's internal control components Obtain knowledge about the effectiveness of the controls that have been implemented In auditing accounts payable, an auditor's procedures most likely will focus primarily on the relevant assertion about 15. a. Existence b. c. d. Classification and understandability ompleteness aluation and allocation