In auditing accounts payable, an auditor's procedures most likely would focus primarily on management's assertion of:
A)existence.
B)rights and obligations.
C)completeness.
D)valuation and allocation.

Question

Quizplus · Accepted Answer

In auditing accounts payable, the auditor's procedures would primarily focus on management's assertion of completeness. This is because the auditor wants to ensure that all liabilities owed by the company are accurately recorded and disclosed in the financial statements. The completeness assertion pertains to the completeness of the transactions recorded, meaning that all transactions relating to accounts payable have been accurately recorded and disclosed. By ensuring the completeness of the accounts payable balance, the auditor can have reasonable assurance that the financial statements provide reliable information. Assertions of existence, rights and obligations, and valuation and allocation may also be relevant to the audit of accounts payable, but completeness is the primarily focused assertion.

In Auditing Accounts Payable, an Auditor's Procedures Most Likely Would