Question: Chapter 22 discusses audit tests for notes payable and the audit of owners' equity transactions. Let's start the discussions with the following two questions -

Chapter 22 discusses audit tests for notes payable and the audit of owners' equity transactions. Let's start the discussions with the following two questions -

Which internal controls should the auditor be most concerned about in the audit of notes payable? Explain the importance of each.

What are the primary objectives in the audit of owners' equity accounts?

Must be at least 200 words!

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