Question
For each procedure, identify which balance-related audit objective(s) were satisfied by selecting Yes under the appropriate column(s). (Leave unused cells blank.) Proc. Existence Completeness Accuracy
For each procedure, identify which balance-related audit objective(s) were satisfied by selecting "Yes" under the appropriate column(s). (Leave unused cells blank.)
Proc. | Existence | Completeness | Accuracy | Classification | Cutoff | Obligations |
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1. | Obtain a list of accounts payable. Re-add and compare with the general ledger. |
2. | Trace from the general ledger trial balance and supporting documentation to determine whether accounts payable, related parties, and other related assets and liabilities are properly included on the financial statements. |
3. | For liabilities that are payable in a foreign currency, determine the exchange rate and check calculations. |
4. | Discuss with the bookkeeper whether any amounts included on the accounts payable list are due to related parties, debit balances, or notes payable. |
5. | Obtain vendors' statements from the controller and reconcile them to the listing of accounts payable. |
6. | Obtain vendors' statements directly from vendors and reconcile them to the listing of accounts payable. |
7. | Examine supporting documents for cash disbursements several days before and after year-end. |
8. | Examine the acquisitions and cash disbursements journals for the last few days of the current period and first few days of the succeeding period, looking for large or unusual transactions. |
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