When Using Confirmations to Provide Evidence About the Completeness Assertion

question 81

Multiple Choice

When using confirmations to provide evidence about the completeness assertion for accounts payable, the appropriate population most likely would be

• A)vendors with whom the entity has previously done business.
• B)amounts recorded in the accounts payable subsidiary ledger.
• C)payees of checks drawn in the month after the year-end.
• D)invoices filed in the entity's open invoice file.

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Definitions:

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

IASB

International Accounting Standards Board, an independent body that develops and approves International Financial Reporting Standards (IFRS).

IFRS

The International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is intended to become the global standard for the preparation of public company financial statements.