The Term Audit Objective Refers to All of the Following

question 55

Multiple Choice

The term audit objective refers to all of the following except for

• A) transaction-related audit objectives.
• B) presentation and disclosure-related audit objectives.
• C) balance-related audit objectives.
• D) cycle-related audit objectives.

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Definitions:

Small Scale Industry

A sector comprising of businesses that operate on a small scale, typically characterized by low investment, fewer employees, and less revenue compared to large-scale industries.

Open Account

A form of payment in which an importer doesn’t pay for goods until after they have been received, creating an unfavorable balance of value for the exporter.

Less Favorable

Describes conditions or treatment that are comparatively disadvantageous or inferior to others.

Potential Risk

A possibility of harm, loss, or any negative occurrence that may or may not happen in the future.