The Audit Objective Related to Existence Is to Obtain Evidence

question 5

True/False

The audit objective related to existence is to obtain evidence that the asset,liability or equity exists physically or legally.

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Definitions:

Hypothesis

A suggested hypothesis developed from minimal evidence to initiate further exploration.

Testable Hypotheses

Hypotheses that can be empirically tested through experimentation or observation, allowing for the confirmation or refutation of the proposed predictions.

Constructs

Abstract concepts or mental representations used to understand and interpret the world.

Theory

A system of ideas intended to explain something, especially one based on general principles independent of the thing to be explained.