Distinguish between the existence and completeness balance-related audit objectives. State the effect on the financial statements (overstatement

Question:

Distinguish between the existence and completeness balance-related audit objectives. State the effect on the (overstatement or understatement) of a violation of each in the audit of accounts payable. Discuss. Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...