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:

Offer

A proposal by one party to another to enter into a legally binding contract with specific terms.

Offeree

The party to whom the offer is made.

Rejected

Refers to being dismissed or turned down, typically in response to a proposal, offer, or application.

Minor

An individual under the legal age of adulthood, whose rights and responsibilities are restricted and partially under the guardianship of parents.