When auditing liabilities account balances, auditors are most concerned with management' assertion about
A)existence.
B)rights and obligations.
C)completeness.
D)valuation and allocation.

Question

Quizplus · Accepted Answer

Completeness is a primary concern for auditors when auditing liabilities because it ensures that all liabilities that should have been recorded have been included in the financial statements. This is crucial to prevent understatement of liabilities.

When Auditing Liabilities Account Balances, Auditors Are Most Concerned with Management