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The Search for Unrecorded Liabilities explanation of: The risks associated with the payment and cash disbursement cycle and the limitations of the...

· The Search for Unrecorded Liabilities explanation of:     

  The risks associated with the payment and cash disbursement cycle and the limitations of the audit procedure in identifying these risks. (ie-expense invoices that have not been entered into the system or paid yet because they are sitting on someone's desk would not be chosen as items to test if the sample was chosen from the subsequent cash paid).  

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