It is generally impractical for the auditor to obtain complete assurance about the correctness of each class of transactions.

Question

Quizplus · Accepted Answer

Due to the large volume of transactions that occur within a company, it is often not feasible for the auditor to review each individual transaction. Instead, they rely on sampling methods and risk assessment procedures to identify significant transactions or potential areas of misstatement. Therefore, it is generally impractical for the auditor to obtain complete assurance about the correctness of each class of transactions.

It Is Generally Impractical for the Auditor to Obtain Complete