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Cadish Cadish
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6 years ago
In the following table, there are listed common audit objectives for accounts payable or purchases. For each procedure, list the management assertion, and the related general audit objective. State whether the audit objective is transaction-related or balance-related.

Accounts payable or purchases objectives   Management assertion   Audit objective   Transaction-related? (Y/N)   Balance-
related? (Y/N)
1. Accounts payable in the accounts payable trial balance are for valid purchases.            
2. Recorded acquisitions are for goods and services received, consistent with the best interests of the client.            
3. All acquisition transactions are recorded.            
4. Recorded acquisition transactions are recorded at the correct amount.            
5. Acquisition transactions are correctly allocated between current and long-term.            
6. Acquisition transactions are recorded on the correct dates.            
7. Purchase transactions are properly included in the vendor and inventory master files, and are correctly posted to the general ledger.            
8. The accounts payable recorded in liabilities are obligations of the company.
Textbook 
Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
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Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)
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Cadish Author
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5 years ago
Thanks for helping me with this
Auditing: The Art and Science of Assurance Engagements, Twelfth Canadian Edition, 12/E (Arens, Elder, Beasley, Splettstoesser)
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