Multiple Choice
Accounts payable confirmations are used to test:
A) both the existence and completeness audit assertions.
B) only the existence audit assertion.
C) only the completeness audit assertion.
D) either existence or completeness, depending upon the response rate.
Correct Answer:
Verified
Correct Answer:
Verified
Q66: Match the test of controls described below
Q67: When searching for unrecorded liabilities at year-end,
Q68: In assessing control risk for purchases, an
Q69: Product costs should be matched directly with
Q70: An examination of the balance in the
Q72: An entity erroneously recorded a large purchase
Q73: Match the test of controls described below
Q74: Assertions about classes of transactions and events
Q75: If completeness is a concern for accounts
Q76: The auditor is most likely to verify