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) Accurancy
C) Completeness
D) Existence

Question

Quizplus · Accepted Answer

The completeness assertion is of greater concern when auditing accounts payable as it ensures that all the liabilities have been recorded in the entity's books and nothing has been omitted which may lead to an assertion that the balance sheet is misstated. It implies that all the valid transactions have been recorded in the entity's financial statements.

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