Question: When testing the controls for the completeness transaction-related audit objectives, O failure to record the acquisition of goods or services will generally understate net income.

When testing the controls for the completeness transaction-related audit objectives, O failure to record the acquisition of goods or services will generally understate net income. O failure to record the acquisition of goods or services has no impact on the balance sheet. Dit is generally easy for the auditor to determine whether unrecorded transactions exist. the audit time for accounts payable can be reduced if the client has effective internal controls an the auditor properly tests those controls

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!