EBK AUDITING+ASSURANCE SERVICES
EBK AUDITING+ASSURANCE SERVICES
17th Edition
ISBN: 9780135171219
Author: ARENS
Publisher: PEARSON CO
Question
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Chapter 24, Problem 1RQ
To determine

List and explain the transaction-related and balance related presentation audit objectives. Also, discuss that how many of the procedures to test presentation objectives are integrated with tests performed in earlier stages of the audit.

Expert Solution & Answer
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Explanation of Solution

The transaction-related and balance related presentation audit objectives are as mentioned below:

  • Existence: In this audit objective, auditor verifies that whether the transaction exists or not.
  • Completeness: In this audit objective, auditor verifies that the existing transactions are recorded or not.
  • Accuracy: In this audit objective, auditor verifies that the existing transactions are recorded at the correct amount or not.
  • Classification: In this audit objective, an auditor verifies that the recorded transactions which are included in the journal of clients are properly classified or not.

Therefore, the all mentioned audit objectives are integrated with the tests performed in earlier stages of the audit.

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