The most important balance-related and presentation and disclosure-related audit objectives for notes payable are

Question

Quizplus · Accepted Answer

Notes payable should be accurately recorded at the correct amounts (accuracy), all notes payable that exist should be included in the financial statements (completeness), and the information should be presented in a manner that is understandable to users of the financial statements (understandability).

The Most Important Balance-Related and Presentation and Disclosure-Related Audit Objectives