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

Completeness is the management assertion that is the biggest concern in auditing accounts payable, as the auditor must ensure that all purchases, invoices, and payments are recorded and included in the financial statements. Failure to identify unrecorded liabilities can also result in an overstatement of income in subsequent periods.

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