1)

What is the auditor's main inherent risk concerning debt acquisition? (Points : 1)

Going concern in acquiring debt Lack of an independent trustee Lack of proper authorization Understatement of debt

2)

For proper controls over accounts payable, who should prepare and approve a purchase requisition? (Points : 1)

Purchasing Receiving Shipping Store manager

3)

Which audit assertion is met when testing accounts payable to related parties? (Points : 1)

Completeness Existence Presentation Rights