________ is not a transaction-related audit objective for the classes of transactions underlying the payroll cycle.
A) Classification
B) Existence
C) Timing
D) Completeness

Question

Quizplus · Accepted Answer

Existence is a balance-related audit objective, not a transaction-related audit objective. It concerns whether balances actually exist at a given date. Transaction-related objectives, like classification, timing, and completeness, focus on the accuracy, recording time, and inclusion of all transactions, respectively.

________ Is Not a Transaction-Related Audit Objective for the Classes