The tests of details of balances procedure which requires the auditor to examine notes paid after year-end to determine whether they were liabilities at the balance sheet date is an attempt to satisfy the audit objective of
A) existence.
B) completeness.
C) accuracy.
D) classification.

Question

Quizplus · Accepted Answer

The tests of details of balances procedure which requires the auditor to examine notes paid after year-end to determine whether they were liabilities at the balance sheet date is an attempt to satisfy the audit objective of completeness. This procedure helps the auditor to ensure that all liabilities existing at the balance sheet date have been recorded in the financial statements, and that no material liabilities have been omitted.

The Tests of Details of Balances Procedure Which Requires the Auditor