Question: MisstatementsAssertionControl Activity or ProcedureSubstantive Audit Procedurea. Payments to suppliers made on December 3 1 , 2 0 2 3 , were not recorded until January

MisstatementsAssertionControl Activity or ProcedureSubstantive Audit Procedurea. Payments to suppliers made on December

31, 2023,

were not recorded until January

3, 2024 .

Completeness of Accounts Payableselected answer incorrectPre

-

numbered receiving reports with daily reconciliation of sequence.selected answer incorrectPerform purchase cutoff tests.selected answer incorrectb. Invoices for purchases were posted to incorrect vendor accounts.Classification of Accounts Payableselected answer correctDaily reconciliations from recorded postings to supporting documents.selected answer correctVouch recorded purchases to vendor invoices.selected answer incorrectc. Inventory is being stolen upon receipt prior to being placed in the company warehouse.Existence of Inventoryselected answer correctSegregate authorization from record keeping and custody.selected answer correctPerform an inventory count.selected answer correctd. Inventory costing $

1, 254, 721

was shipped to customers on January

3, 2024,

and was recorded as COGS on December

31, 2023 .

Completeness of Inventoryselected answer correctPre

-

numbered checks with daily reconciliation of sequence.selected answer incorrectPerform purchase cutoff tests.selected answer incorrecte. Some purchase transactions were not recorded.

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