What is the first step to developing audit objectives?
A) Know management assertions about accounts
B) Divide the financial statements into cycles
C) Understand objectives and responsibilities for the audit
D) Know general audit objectives for classes of transactions and accounts

Question

Quizplus · Accepted Answer

Before developing audit objectives, it is important to understand the objectives and responsibilities for the audit as a whole. This will provide a framework for developing more specific objectives.

What Is the First Step to Developing Audit Objectives