The realisable value balance-related audit objective is not applicable when auditing loans payable.

Name: The realisable value balance-related audit objective is not applicable when auditing loans payable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The realisable value balance-related audit objective primarily concerns assets and their valuation, ensuring assets are not overstated. It is not directly applicable to liabilities such as loans payable, which are evaluated for completeness and accuracy rather than realisable value.

The Realisable Value Balance-Related Audit Objective Is Not Applicable When