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ugaud.ch11.13_1 - Chapters 11 and 13 What is the primary...

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11 What is the primary audit objective with regard to payables ? completeness Chapters 11 and 13
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22 liab ility What audit procedures will address the completeness of payables ? inquire of management regarding completeness of payables perform analytical procedures on payables perform a search for unrecorded liabilities
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33 Search for Unrecorded Liabilities - examine the unpaid vendors’ invoice file after the balance sheet date. Examine those invoices and determine whether the transactions are recorded in the appropriate period. January
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44 Search for Unrecorded Liabilities - examine vendors’ statements for purchases in the last few days of the year and the first few days of the subsequent year. - Use receiving reports to determine whether the transactions are recorded in the appropriate period. December January
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55 Search for Unrecorded Liabilities - examine cash disbursements for several days subsequent to year-end to determine if the related liability was recorded at year- end. Tie these cash disbursements back to receiving reports . January
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66 How is the confirmation process different for Accounts Payable?
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