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Answer: FALSEA) obtain complete assurance about the correctness of each class of transactions affecting the account.B) obtain some combination of assurance for each class of transactions and for the ending 1) Auditors have found that generally the most efficient and effective way to conduct audits is to
balance in the related accounts.C) obtain assurance about the ending balance of the account only.D) verify each entry that was made into an account.Answer: B2) The term audit objective refers to all of the following exceptfor3) When an auditor is determining what information to include in the notes to the financial statements relating to bonds payable, he is concerned with the transaction-related audit objectives.8) Which of the following management assertions is notassociated with classes of transactions and events?14) The auditor's audit objectives follow and are closely related to management assertions.1) Which of the following statements is true regarding the distinction between general audit objectives and specific audit objectives for each class of transactions?3) The posting and summarization audit objective is the auditor's counterpart to management's
A) occurrence.B) completeness.C) accuracy.D) classification.Answer: C4) ________ deals with potential overstatement and ________ deals with understatements (unrecorded transactions).4) The classification balance-related audit objective10) Match seven of the terms (a-k) with the definitions provided below (1-7):a.tests of details of balancesb.tests of controlsc.substantive tests of transactionsd.analytical procedurese.transaction-related audit objectivesf.management assertionsg.balance-related audit objectivesh.fraudi.