The Board of Directors of Lectosonic Corporation declared on June 15, 19X3, a dividend amounting to ($400,000)
Question:
The Board of Directors of Lectosonic Corporation declared on June 15, 19X3, a dividend amounting to \($400,000\) payable on July 15 to stockholders of record July 1. An auditor who made an audit of the company for the fiscal year ended June 30, 19X3, did not include the dividend payable on the balance sheet of June 30, 19X3. If the auditor omitted the dividend not by design but by oversight, what audit procedure did the auditor probably neglect?
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The audit procedure that the auditor likely neglected in this case is the subsequ...View the full answer
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Related Book For 
Auditing Concepts And Methods A Guide To Current Auditing Theory And Practice
ISBN: 9780070099999
5th Edition
Authors: Mcgraw-Hill
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