Final answer:
The audit objective is to determine whether proper values have been assigned to assets, liabilities, and equities in a business.
Step-by-step explanation:
The audir objective of audit is to determine whether proper values have been assigned to assets, liabilities and equities. In the context of business, an audit is a systematic examination of an organization's financial records to ensure accuracy and compliance with applicable regulations. It involves reviewing financial statements, internal controls, and supporting documentation to assess the reliability and correctness of the reported values. Audit procedures can include inspection, observation, and confirmation to ensure that the financial statements are free from material misstatement, whether due to fraud or error. Through this scrutiny, stakeholders can have confidence in the financial health and compliance of the organization.