Which of the following is incorrect regarding a test of subsequent disbursements? The test aids in the detection of understatements of accounts payable. The test essentially uses subsequent events (i.e., transactions between the balance sheet date and the audit report date) to test the balance of recorded accounts payable. The test is designed to obtain direct evidence regarding the Completeness of accounts payable. The test is an example of substantive analytical procedures. When performing substantive tests, beginning the evidence search in the subsequent year is a testing approach used to provide direct evidence regarding which assertion? Rights \& Obligations Completeness Presentation and Disclosure Existence Auditors are required by standards to actively search for subsequent events during the entire period between the balance sheet date and the date the audit report is issued (e.g.. when a Form 10- K is filed with the SEC). True False