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You are assigned to audit the liabilities of ABC Company, a real estate and leasing company which belongs to the holding company, XYZ Company, for
You are assigned to audit the liabilities of ABC Company, a real estate and leasing company which belongs to the holding company, XYZ Company, for the year 2023. The following balances of liability accounts and the corresponding notes to financial statements for the year 2023 and 2022 are presented. You are tasked to analyze the changes in the balances presented and recommend substantive audit procedures which should be conducted to address your initial observations and state your objective in doing so. Use the template in Page 4 as your guide. Note 2023 2022 Current Liabilities Accounts Payable 18 1,264,500,342.00 236,230,537.00 Related party payable 19 3,769,725,215.00 5,144,262,520.00 Current portion of longterm borrowings 21 882,367,945.00 882,367,945.00 Provisions 20 35,974,617.00 28,271,271.00 5,952,568,119.00 6,291,132,273.00 Non-current liabilities Borrowings 21 17,647,358,892.00 18,529,726,837.00 Non-current payables 17 1,421,096,052.00 1,421,096,052.00 Deferred Credits 22 1,512,936,683.00 1,578,232,814.00 20,581,391,627.00 21,529,055,703.00 Total Liabilities 26,533,959,746.00 27,820,187,976.00
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