For each of the following independent exceptions, outline an appropriate, practical audit procedure that would have detected
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For each of the following independent exceptions, outline an appropriate, practical audit procedure that would have detected the error.
- Property, plant, and equipment are overstated as the client uses aggressive depreciation rates.
- Loan interest that has been paid is still included in the loan interest payable account.
- Wage expenses relating to the current year have been recorded in the following year.
- Sales revenue related to canceled orders is still included in the accounting records.
Related Book For
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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