1 1 Audit objectives of auditing accounts payable in financial audits conducted by ASIAN AUDITING COMPANY LIMITED 1 1 1 Audit objectives The overall objective of the audit is to obtain sufficient and.
1.1 Audit objectives of auditing accounts payable in financial audits conducted by ASIAN AUDITING COMPANY LIMITED 1.1.1 Audit objectives The overall objective of the audit is to obtain sufficient and appropriate evidence to provide an assertion about the reasonableness and reliability of the liabilities in the financial statements At the same time, it provides relevant information and documents as a reference basis when auditing other items such as inventory, cash and cash equivalents, etc Specific audit objectives corresponding to each database, there are groups of databases as follows: a) Assertions for transactions and events arising in the period: Assertions Occurrence Completeness Accuracy Classification Cut-of Audit objective Make sure the arising transactions are real Accounts payable and payment transactions are fully recorded Transactions are recorded with correct amounts, suppliers Transactions recorded in the journal are properly classified Transactions are recorded in the correct period, ensuring that any arising period is recorded in that period b) Assertions for the balance of account at the end of time Assertions Existence Completeness Valuation and allocation Classification Audit objective AP to suppliers are recorded as existing at the balance sheet date The ending balance is fully recorded Accurate balance at the end of the period Accounts payable at the end of the period are properly classified