This is your first audit of XYZ Ltd. During the initial planning you have discovered that the client lacks receiving reports and a policy as to the timing within which to record purchases. You have also observed that there are many adjusting entries to accounts payable, which is a material balance. The audit assertion most at risk when auditing accounts payable is:
A) existence.
B) valuation and allocation.
C) completeness.
D) rights and obligations.

Question

Quizplus · Accepted Answer

The Answer is C

This Is Your First Audit of XYZ Ltd