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Search for unrecorded liabilities. Because a significant portion of the search for unrecorded liabilities deals with transactions recorded after year-end, it is least likely to be completed before the balance sheet date. Which of the following procedures would an auditor least perform before the balance sheet date?Correct Answer: Option (a) confirmation of accounts payable is the correct answer because accounts payable are items due after the year end, and Which of the following procedures would an auditor most likely perform before the balance sheet?Which of the following procedures would an auditor most likely perform prior to the balance sheet date? Auditing significant travel and entertainment expenses can be performed at an interim period, applying procedures to transactions occurring between the testing and the end of the period, as appropriate. Which of the following is the best audit procedure for determining the existence of unrecorded liability?Which of the following is the best audit procedures for determining the existence of unrecorded liabilities? Examine selected cash disbursements in the period subsequent to year-end. Which of the following is the best procedure for determining the existence of unrecorded liabilities at year-end?c. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. What procedures can be performed on customers who do not respond?If customer does not respond, can perform tests of debits and credits to individual customers’ balances by examining supporting documentation for shipments and cash receipts. Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities at the statement of financial position date?Which of the following is the best audit procedures for determining the existence of unrecorded liabilities? Examine selected cash disbursements in the period subsequent to year-end. Which of the following procedures is an auditor most likely to perform in searching for unrecorded payables?Which of the following procedures would an auditor most likely perform prior to the balance sheet date? Auditing significant travel and entertainment expenses can be performed at an interim period, applying procedures to transactions occurring between the testing and the end of the period, as appropriate. Which of the following procedures would an auditor most likely to perform in searching for unrecorded liabilities?vouch a sample of cash Which of the following audit procedures is best for identifying unrecorded accounts payable?Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities? Vouch a sample cash disbursements recorded jsut after year end to receiving reports and vendor invoices. Which of the following procedures would an auditor most likely perform when performing a search for unrecorded liabilities?Explanation: Auditor most likely perform the procedure in searching for unrecorded liabilities is vouch a sample of cash Which of the following would an auditor least likely perform before the balance sheet date?Which of the following procedures would an auditor least likely perform before the balance sheet date? Vendors with whom the entity has previously done business. Which of the following procedures would an auditor most likely perform to obtain assurance that slow moving and obsolete?Which of the following procedures would an auditor most likely perform to obtain assurance that slow-moving and obsolete items included in inventories are properly identified? Examining an analysis of inventory turnover. Which of the following procedures would an auditor least likely perform while obtaining an understanding of a client in a Financial Statement audit *?Obtaining confirmation of cash balances is least likely to be performed as a part of obtaining an understanding during an audit engagement of a new audit client previously audited by another CPA. The reason is that it would be a lengthy, time consuming and non-worthy process. How does an auditor perform search for unrecorded liabilities?c. The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. How do you calculate unrecorded liabilities?Search for unrecorded liabilities involves reviewing payment vouchers issued after year-end and unpaid supplier invoices as at the date of audit to check that all material liabilities relating to the financial year have been recorded as at year-end. Which of the following best describes an auditors primary concern with respect to liabilities resulting from a company’s purchasing system?Search for Unrecorded Liabilities Examples How do you test for unrecorded liabilities?The auditor should verify the unrecorded liability by applying the given audit procedures: Which of the following procedures is the most efficient in detecting unrecorded liabilities at the balance sheet date?The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. Which audit procedure is most closely related to management’s assertion regarding presentation and disclosure of liabilities?Search for unrecorded liabilities involves reviewing payment vouchers issued after year-end and unpaid supplier invoices as at the date of audit to check that all material liabilities relating to the financial year have been recorded as at year-end. What procedures should the auditors perform if there is no response to a second request for a positive confirmation?When the auditor has not received replies to positive confirmation requests, he or she should apply alternative procedures to the nonresponses to obtain the evidence necessary to reduce audit risk to an acceptably low level. What alternative procedures should be applied to accounts that do not return confirmations?7.25 What alternative procedures should be applied to accounts that do not return confirmations? (1) subsequent cash receipts; (2) sales orders, invoices, and shipping documents; (3) correspondence files for past-due accounts. Which of the following procedures would an auditor most likely rely on to Verifymanagement’s assertion of completeness?Obtaining confirmation of cash balances is least likely to be performed as a part of obtaining an understanding during an audit engagement of a new audit client previously audited by another CPA. The reason is that it would be a lengthy, time consuming and non-worthy process. Which of the following audit procedures is the most efficient for detecting unrecorded liabilities at the balance sheet date?The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities. Which of the following audit procedures is likely to detect an unrecorded liability?Correct answer is option c Explanation: Auditor most likely perform the procedure in searching for unrecorded liabilities is vouch a sample of cash Which of the following audit procedures is the most efficient at detecting unrecorded liabilities?The confirmation of accounts payable selected from the year-end trial balance of such accounts is most effective in discovering unrecorded liabilities.
Which of the following audit procedures is best for identifying unrecorded?Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.
How do you test an unrecorded liability audit?The auditor should verify the unrecorded liability by applying the given audit procedures:. The auditor shall verify purchase orders and all supporting documents with journal entries related to purchases and cash disbursals. ... . Analytical procedures are done in order to test the trend and look for unusual relations.. Which of the following procedures would help auditors search for unrecorded liabilities?Choice “C” is correct. The auditor is able to detect liabilities not recorded at year-end by comparing cash payments made after the balance sheet date to the related receiving reports and vendor invoices; any payments made on transactions dated before year-end reflect a liability that should have been recorded.
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Which of the following is the most efficient audit procedure for the detection of unrecorded liabilities?
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