Question
Hello, can someone help with the following for me? Thanks in advance!! Listed below are several misstatements of inventory, accounts payable, and accrued liabilities accounts.
Hello, can someone help with the following for me? Thanks in advance!!
Listed below are several misstatements of inventory, accounts payable, and accrued liabilities accounts. For each of the following misstatements, design a substantive audit procedure that provides reasonable assurance of detecting the misstatement.
1. Bonuses awarded to senior management have not been recorded.
2. Several suppliers that the company had not purchased from prior to this year were omitted from the accounts payable listing.
3. When employees counted the physical inventory, included were a number of items that were consigned to the company by a client company.
4. There was no disclosure in the nancial statements of a material account payable to a related party.
5. The year-end payroll accrual was understated.
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