Answered: You are testing the dividend income…

You are testing the dividend income recorded by LASTNATO company. Which audit procedure is least likely to validate the existence/occurrence assertion:

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter14: Intercorporate Investments In Common Stock

Section: Chapter Questions

Problem 3Q

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Question

100%

You are testing the dividend income recorded by LASTNATO company. Which audit
procedure is least likely to validate the existence/occurrence assertion:

choices:

Recalculation of dividend income
Vouching of remittance slips of dividend income
Reading the minutes of meeting
All of the choices will address the existence/occurrence assertion.

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