Which audit objective deals with unrecorded transactions?

• A. Existence
• B. Completeness
• C. Occurrence
• D. Valuation

Answer: (B)

Completeness is the audit objective focused on making sure every transaction that should be recorded actually is recorded. It directly addresses unrecorded transactions—omissions that can understate liabilities, assets, revenues, or expenses. In practice, auditors test completeness by tracing from source documents (invoices, receipts, contracts) into the accounting records and by performing cut‑off procedures to ensure transactions near period end are recorded in the correct period. By emphasizing that nothing is missing, this objective guards against understatement that would occur if some transactions were never entered. In contrast, existence asks whether recorded items really exist, occurrence asks whether recorded transactions actually happened, and valuation checks whether amounts are accurate and properly measured.