Biology Forums - Study Force

When testing the controls for the completeness transaction-related audit objectives,

▸ failure to record the acquisition of goods or services will generally understate net income.

▸ failure to record the acquisition of goods or services has no impact on the balance sheet.

▸ it is generally easy for the auditor to determine whether unrecorded transactions exist.

▸ the audit time for accounts payable can be reduced if the client has effective internal controls and the auditor properly tests those controls.

Content hidden