The audit procedure which requires the auditor to record the last cheque number used on the last day of the year and subsequently trace to the outstanding cheques and the cash payments journal is performed to satisfy which audit objective?
A) cutoff
B) detail tie-in
C) existence
D) completeness

Question

Quizplus · Accepted Answer

This audit procedure is aimed at ensuring that transactions are recorded in the correct accounting period, which aligns with the cutoff audit objective. It helps verify that cheques written near the end of the year are recorded in the proper period, ensuring accurate financial reporting.

The Audit Procedure Which Requires the Auditor to Record the Last