False, To ascertain whether payments are made on time is the main goal of the auditors' review of accounts payable. The evidence regarding accounts payable that is in the client's possession is typically viewed by auditors as being more trustworthy than the evidence regarding accounts receivable.
- Any business should take account payable auditing very seriously. This process' main goals are to spot potential fraud, guarantee legal financial practices, and identify areas for development that could benefit the organisation as a whole.
- In general, auditors will check the accuracy, completeness, and compliance of the records and determine whether the accounts payable balance was properly disclosed on the year-end statement. These two together provide evidence that the company's records do, in fact, reflect the business accurately.
- An audit assertion known as a completeness assertion states that all transactions have been accurately recorded and include everything that should be in the financial statement. It is crucial for accounts payable audit assertions.
Consequently, the primary objective of the auditors' review of accounts payable is to ascertain whether payments are made on time.
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