In the audit of Cassie Ltd, a medium-sized manufacturing company, which one of the following areas would be expected to require the least amount of audit time?
A)Revenue.
B)Owners' equity.
C)Liabilities.
D)Assets.

Question

Quizplus · Accepted Answer

Owners' equity is typically a straightforward area that requires relatively little audit time compared to areas such as revenue, liabilities, and assets, which involve more complex transactions and require closer scrutiny by auditors.

In the Audit of Cassie Ltd, a Medium-Sized Manufacturing Company