Which of the Following Statements Is False

Multiple Choice

Which of the following statements is False?

A) The ownership objective is an important part of verifying assets but not liabilities.
B) The success of the auditor's search for unrecorded liabilities is not dependent upon the materiality of the potential balance in the account.
C) In auditing liabilities, the emphasis is on the search for understatements rather than overstatements.
D) Because of the emphasis on understatements in liability accounts, out- of- period liability tests are important for accounts payable.