The confirmation of existing accounts payable does not prove the completeness of recorded accounts payable.

Name: The confirmation of existing accounts payable does not prove the completeness of recorded accounts payable.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Confirmation only proves the existence of the accounts payable, not the completeness of all accounts payable recorded in the financial statements. There may be unrecorded or understated accounts payable that were not included in the confirmation process.

The Confirmation of Existing Accounts Payable Does Not Prove the Completeness