AUDITING RMU
11th Edition
ISBN: 9781260934830
Author: MESSIER
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 11, Problem 11.9RQ
To determine
Concept Introduction:
Liabilities are obligations of the business which it need to pay in future. Liabilities can be categories into current or non current liabilities. A business would like to minimize its liabilities to show a better credit position.
To indicate: the process to identify the unrecorded liabilities.
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Describe the purpose and give examples of audit procedures in the search for unrecorded liabilities.
What audit procedures are most likely to be used to verify accountsreceivable written off as uncollectible? State the purpose of each of these procedures.
identify the primary audit objective for anaccrued liability such as Bankrates SEM accrual. what circumstances relevent to accrued liabilities can prove to be particularly challenging for auditors?
Chapter 11 Solutions
AUDITING RMU
Ch. 11 - Prob. 11.1RQCh. 11 - Prob. 11.2RQCh. 11 - Prob. 11.3RQCh. 11 - Prob. 11.4RQCh. 11 - Prob. 11.5RQCh. 11 - Prob. 11.6RQCh. 11 - Prob. 11.7RQCh. 11 - Prob. 11.8RQCh. 11 - Prob. 11.9RQCh. 11 - Prob. 11.10RQ
Ch. 11 - Prob. 11.11RQCh. 11 - Prob. 11.12RQCh. 11 - Prob. 11.13MCQCh. 11 - Prob. 11.14MCQCh. 11 - Prob. 11.15MCQCh. 11 - Prob. 11.16MCQCh. 11 - Prob. 11.17MCQCh. 11 - Prob. 11.18MCQCh. 11 - Prob. 11.19MCQCh. 11 - Prob. 11.20MCQCh. 11 - Prob. 11.21MCQCh. 11 - Prob. 11.22MCQCh. 11 - Prob. 11.23MCQCh. 11 - Prob. 11.24PCh. 11 - Prob. 11.25PCh. 11 - Prob. 11.26PCh. 11 - Prob. 11.27PCh. 11 - Prob. 11.28PCh. 11 - Prob. 11.29PCh. 11 - Prob. 11.30P
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Similar questions
- How do contingent liabilities effect the audit?arrow_forwardDefine and give examples of off-balance-sheet information. Why should auditors be concerned with such items?arrow_forwardif the auditor want to assure that Receivables have not been sold. What assertion he or she want to test : Select one: a. Existence b. Completeness c. Rights and obligations d. Valuation and allocationarrow_forward
- Which of the following audit procedures is least appropriate for addressing the assertion of valuation of liabilities? a. Confirm with creditors b. Test for unrecorded liabilities. c. Perform analytical procedures. d. Verify accounts payable trial balancearrow_forwardWhat substantive analytical procedures might an auditor use to perform an analytical procedure for accounts payable? Please provide reference(s).arrow_forwardWhat is the purpose of analytical reviews in the audit of revenue cycle accounts? Please give an example.arrow_forward
- when auditing VAT payable account, what are the considerations that you need to remember and procedures that you need to do say that you have gained a reasonable assurance of its compliance with standards and regulatory protocols?arrow_forwardIn auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence or occurrence.b. Completeness.c. Presentation and disclosure.d. Valuation or allocation.arrow_forwardList the functions needs to be done on the part of auditor to verify contingent liabilities of an company during the process of the audit?arrow_forward
- Once risks are identified, auditors assess the risk of material misstatement at the _______ level for these significant classes of transactions and account balances. A. disclosure B. financial statement C. relevant assertion level D. accountarrow_forwardwhen the auditor want to assure that There are no unrecorded receivables. What assertion he or she want to test : Select one: a. Rights and obligations b. Valuation and allocation c. Completeness d. Existencearrow_forwardAn auditor's techniques for examining the balance sheet's accounts receivable account are most likely to concentrate on management's claim ofarrow_forward
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