Final answer:
If the existence transaction-related audit objective for the sales account is violated, it would lead to an overstatement of the sales account as it would involve recording sales that did not actually occur.
Step-by-step explanation:
The effect of a violation of the existence transaction-related audit objective for the sales account would indeed be an overstatement of that account. This is true since the existence objective concerns verifying that all recorded sales have actually occurred.
An error in this objective usually implies that sales were recorded without having actually taken place, thus leading to an overstatement of revenue.
The effect of a violation of the existence transaction-related audit objective for the sales account would be an overstatement of that account.
This means that the sales account would be recorded at a higher value than it actually should be. This could result in inflated financial statements and misrepresentation of the company's financial performance.