Which of the following statements is NOT correct regarding the duties of an auditor?
A. Physical verification of fixed assets is primarily the responsibility of the auditor
B. Ownership of fixed assets should be verified by examining the title deed by the auditor
C. Auditor should ascertain that the assets are in the possession of the client
D. The auditor should satisfy himself that the assets have been valued in the financial statements according to the accounting principles
Answer: Option A
A. 2, 1, 3, 4, 5
B. 1, 2, 3, 4, 5
C. 5, 1, 4, 3, 2
D. 4, 1, 3, 2, 5
Auditing and accounting are concerned with which of the following financial statements?
A. Auditing uses the theory of evidence to verify the financial information made available by accountancy
B. Auditing lends credibility dimension and quality dimension to the financial statements prepared by the accountant
C. Auditor should have a thorough knowledge of accounting concepts and convention to enable opinion on financial statements
D. All of the above
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