Tests of details of balances are specific audit procedures that are intended to:
A)test for monetary misstatements in the financial statements.
B)prove that the accounts with material balances are classified correctly.
C)prove that the trial balance is in balance.
D)identify the details of the internal control system.

Question

Quizplus · Accepted Answer

Tests of details of balances are performed to detect monetary misstatements in the financial statements. These tests involve examining individual transactions and account balances to verify their accuracy and completeness. The other options are not the primary objective of tests of details of balances.

Tests of Details of Balances Are Specific Audit Procedures That