The following are two specific balance-related audit objectives in the audit of accounts payable.
1. All accounts payable included on the list represent amounts due to valid vendors.
2. There are no unrecorded accounts payable.
The list referred to in the objectives is the aged accounts payable trial balance produced using the supplier master file. The total of the list equals the accounts payable balance on the general ledger.
REQUIRED
a. Explain the difference between these two specific balance-related audit objectives.
b. For the audit of accounts payable, which of these two would usually be balance-related audit objectives more important? Explain.