Final answer:
The option 'Existence' is typically not considered a transaction-related audit objective for the classes of transactions in the payroll cycle. The primary objectives of the payroll cycle transactions involve Classification, Timing, and Completeness, which ensure the proper recording and processing of employee compensations.
Step-by-step explanation:
The question asks which of the given options is not a transaction-related audit objective in the context of the payroll cycle. The four listed options are Classification, Existence, Timing, and Completeness. In auditing, these objectives are meant to ensure that transactions are recorded and processed correctly.
Now, looking at each option:
- Classification refers to the audit objective that ensures transactions are recorded in the appropriate accounts.
- Existence pertains to the audit objective that ensures the transactions actually occurred and are valid.
- Timing involves the correct recording of the transaction at the proper time.
- Completeness is the objective of ensuring all transactions that should have been recorded are in fact recorded.
Out of these options, Existence is typically not considered a transaction-related audit objective for the classes of transactions in the payroll cycle. Existence is more concerned with balance-related audit objectives—ensuring that the recorded balances for assets, liabilities, and equity exist on the balance sheet date. The payroll cycle deals with the processing of transactions related to employee compensation, so the other objectives (Classification, Timing, and Completeness) are directly related to ensuring the proper recording and processing of payroll transactions.