Question

Sam Jones has been the controller of Downtown Tires for 25 years. Ownership of the firm recently changed hands and the new owners are conducting an audit of the financial records. The audit has been unable to obtain the firm's financial statements that were prepared by Sam. While there is no evidence of wrongdoing, the auditors are not able to complete the audit. Which of the following characteristics of useful information is absent in the situation described above? Choose only 1.

A) relevant

B) reliable

C) complete

D) timely

E) understandable

F) verifiable

G) accessible

Answer 1

Answer :

Option - G, Accessible

Explanation :

In terms of auditing, Accessible means the useful information and documents available to users when they need it and in a format they can use.

As in the situation described above, the auditor has been unable to obtain the firm's financial statements that were prepared by Sam due to which the auditors are not able to complete the audit. It clearly shows that the 'Accessible' characteristics of useful information is absent in the situation.