Discussion Questions Assignment 7: Audit Testing 1. You have now tested accounts receivable and accounts payable. Think about the nature of each of these accounts and how they are similar and different. For each item in the table below, indicate whether the item is more relevant for either accounts payable or accounts receivable. (As an example, for #1 - Would you be more worried about management overstating AP or AR? Then explain why) Is each item more relevant Explainwhy for Accounts Payable(AP) or Accounts Receivable (AR)? 1) Overstatement 2) Understatement 3) Completeness assertion 4) Existence assertion 5) Confirmations