The following are two specific balance-related audit objectives in the audit of 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.

1. All accounts payable included on the list represent amounts due to valid vendors.

2. There are no unrecorded accounts payable.

Required

a. Explain the difference between these two specific balance- related audit objectives.

b. For the audit of accounts payable, which of these two specific balance-related audit objectives would usually be more important? Explain.