When considering each material type (or class) of transaction during the audit, which general transaction-related audit objectives are assessed during the audit?
A) those transaction-related audit objectives where there is the highest risk of error
B) all five transaction-related audit objectives
C) those transaction-related audit objectives where there are poor internal controls
D) primarily completeness, occurrence, and accuracy, since they typically have most errors

Question

Quizplus · Accepted Answer

All five transaction-related audit objectives (completeness, occurrence, accuracy, classification, and timing) should be assessed for each material type (or class) of transaction during the audit, regardless of perceived risk or internal controls.

When Considering Each Material Type (Or Class) of Transaction During