Accounts payable confirmations are used to test:
A)both the existence and completeness audit assertions.
B)only the existence audit assertion.
C)only the completeness audit assertion.
D)either existence or completeness, depending upon the response rate.

Question

Quizplus · Accepted Answer

Accounts payable confirmations are used to test both the existence and completeness audit assertions. By sending out confirmations to vendors, auditors can confirm that the vendor exists and that the recorded balances are complete and accurate.

Accounts Payable Confirmations Are Used to Test