You are reviewing the work performed by Maria, a first year auditor.Maria was in charge of detail testing thecompletenessassertion ofaccounts payablerelated to purchases of supplies.The company receives the supplies with the invoice from the vendor, and records an account payable. The balance of accounts payable as of June 30, 2019 was $540,000 (it consisted of 10 large payables, totaling $540,000); the overall materiality is $150,000 and the performance materiality is $100,000. Maria's documentation is as follows:

"I took all accounts payable from the general ledger and agreed them to the invoices sent by the vendors". Eight of the accounts payable agreed to the invoices, two did not:

Conclusion 1)Payable #A234 was recorded as $120,000, but the invoice was for $210,000.As such there was a $90,000 error.The error was below the $150,000 materiality threshold, thus deemed immaterial.

Conclusion 2)Payable #A723 was recorded as $7,000 instead of $27,000.As such there was a $20,000 error.The error was below the $150,000 materiality threshold, thus deemed immaterial.

Conclusion 3)Since neither error exceeded the $150,000 materiality threshold, the existence assertion of accounts payable is correct. The aforementioned errors are noted and included in document #XYZ41.

Based exclusively on Maria's documentation, are her procedures and conclusions correct?If yes, say so; if not - explain what the problem(s) is(are)