A Major Concern of the Auditors Is Obtaining Evidence About

question 18

Essay

A major concern of the auditors is obtaining evidence about the completeness of recorded accounts payable.
a.Describe the reason that the auditors are concerned with the completeness of accounts payable.
b.Describe three ways in which the auditors establish the completeness of accounts payable.

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Definitions:

Normally Distributed

Describes a probability distribution that is symmetrical about the mean, implying that the bulk of the data points lie close to the mean.

Middle 95%

Refers to the central 95% portion of a data set or probability distribution, commonly associated with a confidence interval.

Uniformly Distributed

Describes a distribution where all outcomes are equally likely across the distribution's range.

Travel Time

The duration required to move from one location to another, which can vary based on mode of transport and conditions.