In many audits of sales transactions, no substantive tests of transactions are performed for the completeness objective because:
a. understatements of assets and income are a greater concern than overstatements.b. overstatements of assets and income are a greater concern than understatements.
c. it doesn’t matter if income is understated because the savings on income tax offsets the reduced revenue and net income is correct.
d. the unrecorded sales cause a reduction of accounts receivable; therefore, the ratios of the two financial statements will not be misleading.