Which of the following audit objectives relates to the management assertion of existence?
A)A transaction is recorded in the proper period.
B)A transaction actually occurred (i.e., it is real).
C)A transaction is properly presented in the financial statements.
D)A transaction is supported by detailed evidence.

Question

Quizplus · Accepted Answer

The audit objective related to the management assertion of existence is to ensure that a transaction actually occurred and is real. This is often tested by obtaining evidence such as invoices, purchase orders, and shipping documents to confirm that the transaction actually took place.

Which of the Following Audit Objectives Relates to the Management