The specific audit objective that the entity is liable for the payables resulting from the recorded purchase transactions relates to: A) rights and obligations. B) completeness. C) existence or occurrence. D) presentation and disclosure. E) valuation or allocation.

Question

Quizplus · Accepted Answer

This objective relates to the rights and obligations assertion, ensuring that the entity has the legal responsibility for the payables recorded from purchase transactions.

The Specific Audit Objective That the Entity Is Liable for the Payables