The tests of details of balances procedure that requires the auditor to examine corporate minutes for loan approval would satisfy the audit objective of

Question

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The audit objective of existence pertains to whether the recorded assets or liabilities exist at a given point in time. Examining corporate minutes for loan approval would help the auditor in confirming the existence of the loan and whether it was properly authorized by the management.

The Tests of Details of Balances Procedure That Requires the Auditor