Two of the audit objectives for notes payable are important because a misstatement could be material even if one note is omitted or incorrect.Which assertions are they?

Question

Quizplus · Accepted Answer

Completeness and accuracy are important because a misstatement could be material even if one note is omitted or incorrect. Completeness ensures that all notes payable are recorded, and accuracy ensures that the amounts recorded are correct.

Two of the Audit Objectives for Notes Payable Are Important