Final answer:
The test of details of balances procedure that requires the auditor to foot the outstanding check list and deposits in transit is an attempt to satisfy the existence or occurrence audit objective.
Step-by-step explanation:
The test of details of balances procedure that requires the auditor to foot the outstanding check list and deposits in transit is an attempt to satisfy the audit objective of existence or occurrence.
The existence or occurrence objective aims to ensure that the recorded balances actually exist and represent valid transactions and events. By footing the outstanding check list and deposits in transit, the auditor can verify the existence of these items and confirm that they are appropriately recorded in the financial statements.
Moreover, this procedure helps the auditor in detecting any unrecorded liabilities (outstanding checks) or unrecorded receivables (deposits in transit), thus aiding in the accuracy and completeness of the financial statements.