Which one of the general tests of details of balance objectives is NOT important in the audit of borrowings?
A) Realisable value
B) Completeness
C) Existence
D) Valuation

Question

Quizplus · Accepted Answer

Realisable value is not important in the audit of borrowings as borrowings are typically recognized at their face value or nominal value and not at their realisable value. Completeness, existence, and valuation are all important in the audit of borrowings to ensure that all borrowings are accounted for, actually exist, and are valued accurately.

Which One of the General Tests of Details of Balance