Hilltop Partners is planning the audit for one of its clients. Jake Hilltop is performing the risk assessment at the assertion level for the accounts payable account to determine the nature and timing of the substantive work to be performed. Jake has assessed the inherent risk for the accounts payable account for each assertion as follows:

Existence ...................................... Medium
Completeness .............................. High
Accuracy and valuation ............... Low
Rights and obligations ................. Low

Jake has assessed the audit risk and control risk as low.

Required

a. What assertion is at greatest risk?

b. Complete the table below and determine the appropriate audit approach for accounts payable at the assertion level.

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Control Account Inherent Overall Risk Detection Audit Assertion Risk Risk Assessment Risk Approach Accounts payable- completeness Accounts payable- accuracy and valuation Accounts payable- existence Accounts payable- rights and obligations