The auditor's transaction-related audit objective for acquisitions, to determine that recorded acquisitions are for goods and services received, relates to which accounting concept?
A) existence
B) completeness
C) accuracy
D) authorisation

Question

Quizplus · Accepted Answer

The auditor's objective to ensure that recorded acquisitions are for goods and services actually received relates to the existence concept. This concept involves verifying that assets or transactions exist at a given date. In this context, it means ensuring that the acquisitions recorded in the financial statements truly exist in the form of received goods or services.

The Auditor's Transaction-Related Audit Objective for Acquisitions, to Determine That