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The following are examples of reliable evidence, you are required to determine the most appropriate characteristics that determine reliability of each one. Discuss potential lawsuits

The following are examples of reliable evidence, you are required to determine the most appropriate characteristics that determine reliability of each one.

Discuss potential lawsuits with the Company's legal counsel which dealing with the client's affairs.

Answer 1Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

Examine inventory of parts for the number of units on hand.

Answer 2Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

Observe inventory on the last day of the fiscal year.

Answer 3Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

Physical examination of inventory by the auditor.

Answer 4Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

Examine documents when several competent people are checking each other's work.

Answer 5Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

Confirmation of a bank balance.

Answer 6Choose...Degree of objectivityTimelinessEffectiveness of internal controlsAuditor's direct knowledgeIndependence of providerQualifications of provider

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