When the Auditor Uses the Audit Procedure Vouching, He or She

question 120

Multiple Choice

When the auditor uses the audit procedure vouching, he or she is primarily concerned with which of the following audit objectives when testing classes of transactions?

• A) occurrence
• B) completeness
• C) authorization
• D) classification

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Definitions:

Tax Revenue

The financial earnings governments receive through taxing.

Income Inequality

The unequal distribution of an economy’s total income among households or families.

Minimum Standard

A predefined level of quality, performance, or capability that products, services, or processes must meet or exceed, often set by regulatory bodies.

Marginal Tax Rate

The marginal tax rate is the percentage of tax applied to your income for each tax bracket in which you qualify, essentially the tax rate on your last dollar of income.