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Examen
Midterm Exam
MIDTERM EXAM REVIEW: AUDIT FALL 2019 
[Chapter 1-5 and Module B] 
Auditing & Assurance Services, 7e (Louwers) 
Chapter 1 Auditing and Assurance Services 
1) The audit objective that all transactions and accounts that should be presented in the financial 
statements are in fact included is related to which of the PCAOB assertions? 
A) Existence. 
B) Rights and obligations. 
C) Completeness. 
D) Valuation. 
Answer: C 
2) Cutoff tests designed to detect purchases made before the end of the year tha...