When auditing accounts payable,the greatest emphasis is placed on
A)the existence assertion.
B)the completeness assertion.
C)the presentation assertion.
D)the disclosure assertion.

Question

Quizplus · Accepted Answer

When auditing accounts payable, the completeness assertion is of greatest importance as it ensures that all liabilities that should have been recorded have been recorded in the financial statements. This includes verifying the accuracy of recorded transactions, confirming balances with suppliers, and reviewing invoices and supporting documentation. The existence assertion also plays a role in auditing accounts payable, but it is secondary to completeness. The presentation and disclosure assertions are less relevant in the audit of accounts payable.

When Auditing Accounts Payable,the Greatest Emphasis Is Placed on