Which of the following statements is not true?
A) Balance-related audit objectives are applied to ending account balances.
B) Transaction-related audit objectives are applied to classes of transactions.
C) Balance-related audit objectives are applied to the ending balance in balance sheet accounts.
D) Balance-related audit objectives are applied to both beginning and ending balances in balance sheet accounts.

Question

Quizplus · Accepted Answer

Balance-related audit objectives typically focus on the ending balance of balance sheet accounts to ensure they are fairly stated at the period end. They do not usually apply to both beginning and ending balances, which is what makes option D incorrect.

Which of the Following Statements Is Not True