The following are two specific balance related audit objectives in the audit of accounts payable The list referred to is the list of accounts payable taken from the accounts payable master file The total of the list equals the accounts payable balance on the general ledger 1 All accounts payable in...

a The first objective concerns amounts that should not be included on the list of accounts payable because there are no amounts due to such vendors This objective concerns only the overstatement of accounts payable The second objective concerns the possibility of accounts payable that should be included but that have not been included This objective concerns only the possibility of understated accounts payable b ...

The following are two specific balance-related audit objectives in the audit of accounts payable. The list referred

Question:

The following are two specific balance-related audit objectives in the audit of The list referred to is the list of taken from the master file. The total of the list equals the balance on the general ledger.
1. All included on the list represent amounts due to valid vendors.
2. There are no unrecorded Explain the difference between these two specific balance-related audit objectives.
b. Which of these two specific balance-related audit objectives applies to the general balance-related audit objective of existence, and which one applies to completeness?
c. For the audit of which of these two specific balance-related audit objectives is usually more important? Explain.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...