Question: Analyze the risks associated with auditing accounts payable. Explain the process of auditing accounts payable using confirmations. Determine why third parties are important to the

Analyze the risks associated with auditing accounts payable. Explain the process of auditing accounts payable using confirmations. Determine why third parties are important to the audit of debt and equity. How do auditors interact with third parties to gain audit evidence when auditing debt and equity? Why is it important that auditors determine if the client is complying with debt provisions?

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The inherent risk of accounts payable is the risk that accounts payable may contain material misstatement regardless of the related control procedures that the company has in place The primary inheren... View full answer

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