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Unformatted text preview: end. 6. Perform search for other unrecorded liabilities: (a) Review analyses of operating accounts such as interest expense and legal fees looking for possible unrecorded note obligations, litigation contingencies, etc. (b) Review minutes from meetings of Board of Directors for debt authorization or other liabilities. (c) Review bank confirmations for possible note liabilities. (d) Obtain written representation from client's management regarding liabilities. (e) Obtain letter from client's attorney concerning pending litigation, if any. Valuation or Allocation 6. Recalculate footings of schedule obtained in step 1 and trace total to trial balance. Rights and Obligations; Presentation and Disclosure 7. Investigate any accounts with officers, affiliates, or subsidiaries for evidence of related party transactions. 8. Consider reclassifying any debit balances. 9. Review vouchers for proper account classification (W-5)....
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This note was uploaded on 05/06/2009 for the course ACCT ACCT2 taught by Professor Asifbashir during the Spring '08 term at Aarhus Universitet.
- Spring '08