Transaction-related audit objectives would most likely be performed in which phase of the audit process?
A) plan and design audit approach
B) perform tests of controls and substantive tests of transactions
C) perform substantive analytical procedures and tests of details of balances
D) complete the audit and issue the audit report

Question

Quizplus · Accepted Answer

Transaction-related audit objectives involve testing the occurrence, completeness, accuracy, and authorization of transactions. These objectives are typically addressed in the testing phase of the audit, which includes performing tests of controls and substantive tests of transactions.

Transaction-Related Audit Objectives Would Most Likely Be Performed in Which