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Reason why ‘completeness’ is a major objective in the audit of liabilities.

It is always emphasized that one of the major audit objectives in the audit of liabilities is that of ‘completeness’ and that auditors should ensure that their audit works adequately cover this objective.

The assertion of completeness is critical for liabilities such as trade creditors and accrual salaries and wages because such liabilities are usually an audit area of significant … Read the rest