• A large focus of this weeks readings and assignments have centered around unrecorded liabilities. Why do you think the client would be motivated to understate their liabilities? What are some of the methods auditors can employ to test for this?
• If you were an auditor testing the inventory account, what are some substantive audit procedures you would choose to implement into your audit program?
• If you were an auditor testing the acquisition and payment cycle, what are some internal controls you would test for and what procedures you would choose to implement into your audit program?