The audit procedure "foot the schedule of fixed assets acquisitions and trace the total to the general ledger" relates most closely to the completeness objective for fixed assets acquisitions.

Question

Quizplus · Accepted Answer

This procedure relates more closely to the accuracy and existence objectives, as it ensures that the total acquisitions recorded in the schedule accurately exist and are correctly totaled and recorded in the general ledger, rather than ensuring all acquisitions have been recorded (completeness).

The Audit Procedure "Foot the Schedule of Fixed Assets Acquisitions