Question: Discuss why completeness is a key assertion for payables and describe one substantive test of detail that you would undertake to test the assertion. Explain

Discuss why completeness is a key assertion for payables and describe one substantive test of detail that you would undertake to test the assertion.

Explain why "the lower detection risk, the more substantive procedures done at year-end".

Explain why "when the control risk for cash is low, the auditor will focus on cash balance rather than doing additional testing on cash receipts and payments".

Discuss why existence is a key assertion for cash and describe one substantive test of detail that you would undertake to test the assertion.

Explain why analytical procedures are often used for trivial or immaterial accounts.

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