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Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004Auditing and Assurance Services 1st Edition by Iris Stuart
Edition 1ISBN: 978-0073404004 Exercise 35
Search for unrecorded liabilities. Consider the audit procedure referred to as the "search for unrecorded liabilities."
a. How does the auditor perform it
b. When does the auditor perform it
c. What is its purpose
d. Describe the assertions associated with the search for unrecorded liabilities.
Explain why these assertions are important for the acquisition and expenditure process.
e. Identify the accounts that can be misstated if a search for unrecorded liabilities is not conducted.
f. If these accounts are misstated, how will outsiders be affected Explain your answer.
a. How does the auditor perform it
b. When does the auditor perform it
c. What is its purpose
d. Describe the assertions associated with the search for unrecorded liabilities.
Explain why these assertions are important for the acquisition and expenditure process.
e. Identify the accounts that can be misstated if a search for unrecorded liabilities is not conducted.
f. If these accounts are misstated, how will outsiders be affected Explain your answer.
Explanation
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Unrecorded liability:
The unrecorded li...
Auditing and Assurance Services 1st Edition by Iris Stuart
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