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

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

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.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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This calls for a celebration Person Raising Both Hands in Celebration

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Thank you, thank you, thank you!

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