You are the in-charge auditor and are designing audit procedures for accounts payable.Which of the following management assertions would you normally be most concerned about?
A)Occurrence
B)Accuracy
C)Completeness
D)Existence

Question

Quizplus · Accepted Answer

When designing audit procedures for accounts payable, completeness is the management assertion that auditors would normally be most concerned about. This assertion ensures that all accounts payable transactions that should have been recorded have actually been recorded in the financial statements. Incomplete accounts payable can lead to understatement of liabilities and expenses, which can affect the accuracy of the financial statements. Therefore, the completeness of accounts payable must be verified during the audit process.

You Are the In-Charge Auditor and Are Designing Audit Procedures