Author Question: When determining the methodology for designing tests of details of balances for accounts payable, (Read 71 times)

danitzaidaly · **on:** Aug 21, 2022

Question 1

Auditors are especially concerned about the ________ and ________ balance-related audit objectives because of the potential for understatements in the account balance.
◦ completeness; cutoff
◦ completeness; accuracy
◦ classification; realizable value
◦ classification; cutoff

Question 2

When determining the methodology for designing tests of details of balances for accounts payable,
◦ the focus by many companies on improving their supply-chain management activities has led to numerous changes in the design of systems used to initiate and record acquisition and payment activities.
◦ it is relatively inexpensive to audit accounts payable.
◦ performance materiality for accounts payable is set relatively low.
◦ inherent risk is often set at low.

jacquelyngibson · **Reply #1 on:** Aug 21, 2022

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