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 apply universally to all classes of transactions, ensuring completeness, accuracy, and validity of the financial statements. Specific audit objectives, on the other hand, are tailored to particular types of transactions or account balances, focusing on the detailed aspects that need verification within those specific areas.

Which of the Following Statements Is True Regarding the Distinction