Balance-Related Audit Objectives Are Usually Applied to the Ending Balance

question 30

True/False

Balance-related audit objectives are usually applied to the ending balance in income statement accounts; transaction-related audit objectives are usually applied to transactions reflected in balance sheet accounts.

---

Definitions:

Pillars

Fundamental principles or structures that support or hold up a system, organization, or ideology.

Business Sustainability

refers to the strategies and practices a company employs to manage its environmental, social, and economic impacts while ensuring longevity and success.

International Guidelines

Agreed-upon principles or criteria set by international bodies or agreements to guide actions and policies across nations.

Organisations

Entities comprising multiple people working together towards common goals or objectives, structured to accomplish tasks and achieve efficiency.