The audit objective related to existence is to obtain evidence that the asset,liability or equity exists physically or legally.

Question

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The audit objective related to existence is indeed to obtain evidence that the asset, liability or equity exists physically or legally. This means verifying that the item in question is a real or tangible asset or has a clear legal basis, rather than being a fabricated or fake entity. The auditor will typically examine supporting documents, perform physical inspections, and other tests to confirm the existence of the item under review.

The Audit Objective Related to Existence Is to Obtain Evidence