Final answer:
The failure to record the acquisition of goods violates the completeness audit objective in an audit. This objective ensures that all transactions are fully recorded in the organization's financial records for accurate reporting.
Step-by-step explanation:
Failure to record the acquisition of goods violates the completeness audit objective. This objective concerns ensuring that all transactions that should have been recorded within the accounting period are indeed recorded. When an acquisition of goods is not recorded, it suggests that the organization's financial records may be incomplete, potentially misleading readers of the financial statements and impeding accurate financial reporting.
The main purpose of the completeness audit objective is to prevent omissions in the accounting records. An auditor will look for evidence that transactions and events have been fully recorded and are reflected in the financial statements. Proper internal controls, such as purchase order matching and invoice processing procedures, help ensure that acquisitions are recorded correctly and can reduce the risks associated with the violation of the completeness audit objective.