Which of the following audit objectives is least important in the audit of capital stock and paid-in-capital in excess of par?

Question

Quizplus · Accepted Answer

Rights and obligations are not relevant in the audit of capital stock and paid-in-capital in excess of par because these accounts represent the amount of capital contributed by shareholders, and the company's rights and obligations do not impact the recording of these transactions. Completeness, accuracy, and presentation and disclosure are important objectives to ensure that all transactions are recorded correctly and that the financial statements provide relevant information to users.

Which of the Following Audit Objectives Is Least Important in the Audit