When auditors verify accrued property taxes, two audit objectives are especially significant. These are
A) completeness and accuracy.
B) completeness and net realizable value.
C) detail tie-in and completeness.
D) accuracy and classification.

Question

Quizplus · Accepted Answer

The two significant audit objectives in verifying accrued property taxes are completeness and accuracy because the auditor must ensure that all taxes that should have accrued during the period have been recognized in the financial statements and that the amount recorded is correct. The other answer choices are not relevant to the verification of accrued property taxes.

When Auditors Verify Accrued Property Taxes, Two Audit Objectives Are