Which of the following audit objectives is least important in the audit of capital stock and paid-in-capital in excess of par?
A) completeness
B) accuracy
C) rights and obligations
D) presentation and disclosure

Question

Quizplus · Accepted Answer

The audit objective of "Rights and Obligations" is typically considered least important in the audit of capital stock and paid-in-capital in excess of par. This is because rights and obligations are usually well-defined and documented in legal agreements, and verifying them is not a complex process compared to other audit objectives such as completeness, accuracy, and presentation/disclosure.

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