Auditors are especially concerned about the ________ and ________ balance-related audit objectives because of the potential for understatements in the account balance.
A) completeness; cutoff
B) completeness; accuracy
C) classification; realizable value
D) classification; cutoff

Question

Quizplus · Accepted Answer

Completeness and cutoff are crucial for auditors because they ensure all transactions are recorded in the correct accounting period and that the account balances include all relevant transactions, minimizing the risk of understatements.

Auditors Are Especially Concerned About the ________ and ________ Balance-Related

Auditors Are Especially Concerned About the and Balance-Related