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Which of the following statements is true regarding the distinction between general audit objectives

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38.mediumWhich of the following statements is true regarding the distinction between general auditobjectives and specific audit objectives for each account balance?ba.The specific audit objectives are applicable to every account balance on the financialstatements.b.The general audit objectives are applicable to every account balance on the financialstatements.c.The general audit objectives are stated in terms tailored to the engagement.d.The specific audit objectives are stated in terms tailored to the engagement.

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39.Which of the following statements about the existence and completeness objectives is not true?

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40.Why are there more balance-related audit objectives than transaction-related audit objectives?

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Terms in this set (41)

Management makes the following assertions about account balances:
A) existence, completeness, classification and cutoff.
B) existence, accuracy, classification and rights and obligations.
C) existence, completeness, valuation and allocation, and rights and obligations.
D) existence, completeness, rights and obligations, and cutoff.

Sets with similar terms

Which of the following is the best explanation of the difference if any between audit objectives and audit procedures?

21. Which of the following is the best explanation of the difference, if any, between audit objectives and audit procedures? a. Audit procedures establish broad general goals, audit objectives specify the detailed work to be performed.

What are general audit objectives?

The objective of an audit is to get reasonable assurance that the entity's Financial Statements are free from Material Misstatement and to Provide a Report on the Financial Statements following the auditor's findings.

Which of the following is a correct statement regarding audit evidence?

The correct answer is c. The auditor must obtain a sufficient amount of relevant and reliable evidence to form an opinion on the fairness of the...

Why does the auditor divide the financial statements into segments around the financial statement cycles?

Why does the auditor divide the financial statements into smaller segments? Using the cycle approach makes the audit more manageable.

statements true distinction general audit objectives

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