Question: Select from the option list provided the assertion that best matches each audit procedure for accounts payables and purchases. Each choice may be used once,
Select from the option list provided the assertion that best matches each audit procedure for accounts payables and purchases. Each choice may be used once, more than once, or not at all.
tableAudit procedure,Assertiontable The auditor compared the total recordedamounts in the subsidiary ledger with theamount recorded in the general ledger.Completenesstable The auditor inspected the financialstatements to determine whether theaccounts payable were presented as acurrent liability on the balance sheet.Classificationtable The auditor determined that the debtswere stated at the amount necessary tosatisfy the obligation.Accuracy, Valuation, and Allocation The auditor determined that $ ofaccounts payable were not valid liabilities atthe balance sheet date.,Existence The auditor obtained management,representations about the nature and,Rights and Obligationspurpose of the recorded payables., The auditor searched for unvouchered,CompletenesspayablesExistence The auditor sent confirmations to vendors.,
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