Which of the following statements is True regarding the distinction between general audit objectives and specific audit objectives for each class of transactions?
A)The specific audit objectives are applicable to every class of transactions.
B)The general audit objectives are applicable to every class of transactions.
C)Once the specific transaction-related audit objectives are established,they can be used to develop the general transaction-related objectives.
D)For any given class of transactions,usually only one audit objective must be met to conclude the transactions are properly recorded.

Question

Quizplus · Accepted Answer

General audit objectives are applicable to every class of transactions while specific audit objectives are unique to each class of transactions. Therefore, option B is true. Option A is incorrect since specific audit objectives vary for each class of transaction. Option C is also incorrect since specific transaction-related audit objectives are used to support the achievement of general transaction-related objectives. Option D is incorrect since multiple audit objectives must be met to ensure that transactions are properly recorded.

Which of the Following Statements Is True Regarding the Distinction