The tests of details of balances procedure which requires the auditor to examine duplicate copies of loans for authorisation is an attempt to satisfy which audit objective?
A) existence
B) accuracy
C) classification
D) completeness

Question

Quizplus · Accepted Answer

The tests of details of balances procedure involves examining duplicate copies of loans for authorisation in order to ensure that the loans actually exist and have been authorised. Therefore, the objective being satisfied by this procedure is existence. The other objectives (accuracy, classification, completeness) are not directly addressed by this procedure.

The Tests of Details of Balances Procedure Which Requires the Auditor