Question

Accounts payable confirmations are used less frequently by auditors than accounts receivable confirmations. True or False?

Answer 1

False. Accounts payable confirmations are important audit procedures that help verify the completeness and accuracy of a company's liabilities.

Step-by-step explanation:

False. Accounts payable confirmations are used by auditors to confirm the balances in the company's accounts payable. They provide evidence that the amounts reported on the financial statements are accurate and valid. Accounts payable confirmations are an important audit procedure as they help verify the completeness and accuracy of the company's liabilities. Therefore, accounts payable confirmations are just as important as accounts receivable confirmations and are used in the auditing process.