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remy2012 remy2012
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A year ago
In many audits of sales transactions substantive tests of transactions can be reduced in determining the completeness objective because

▸ understatements of assets and income are a greater concern than overstatements.

▸ overstatements of assets and income are a greater concern than understatements.

▸ it doesn't matter if income is understated because the savings on income tax offsets the reduced revenue and net income is correct.

▸ the unrecorded sales cause a reduction of accounts receivable; therefore, the ratios of the two financial statements will not be misleading.
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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jordankites45jordankites45
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A year ago
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remy2012 Author
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A year ago
Correct Slight Smile TY
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You make an excellent tutor!
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This helped my grade so much Perfect
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