Where could an auditor look to find evidence of losses on purchase commitments? On unrecorded liabilities to suppliers?
Answer to relevant QuestionsList the main supporting source documents used in a purchases, payables, and payments process. What procedures are followed to audit inventory when the physical inventory is taken on a cyclical basis or on a statistical plan but never as a complete count on a single date?How could an auditor determine if the purchasing agent had practiced purchase order splitting?Explain the difference in approach between confirmation of accounts receivable and confirmation of accounts payable. Why should auditors be concerned with the adequacy of casualty insurance coverage of an auditee’s physical property?
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