Which of the following is not a valid combination of specifi

Which of the following is not a valid combination of specific audit objectives? (Hint: note the terms L. Existence or occurrence, valuation and allocation, and understandability Il. Classification, completeness, and reliability. III. Cutoff, accuracy, and classification. IV. Existence or occurrence, completeness, and rights and obligations .Exience or oecness, and righis and btn a. IV

Solution

Ans: Option a. IV. Existance or occurance, Completeness, and rights and oblications.

All other combinations are valid for specific Audit objectives. The objective of audit is to comment or make a report about the true and fairness of the financial statemets of the company. Existance or occurance, Valuation and allocation, Understandability, Classifications of transactions, Completeness and reliability of financial informations, Accuracy and cutoff date maintaining all these are objectives of Audit. but rights and obligations are not a matter of an Audit.