14-31 During the course of any audit, the auditors are always alert for unrecorded accounts...
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Accounting
14-31 During the course of any audit, the auditors are always alert for unrecorded accounts payable or other unrecorded liabilities.
For each of the following audit areas,
(1) describe an unrecorded liability that might be dis covered and
(2) state what auditing procedure or procedures might bring it to light.
a. Construction in progress (property, plant , and equipment).
b. Prepaid insurance.
c. License authorizing the client to produce a product patented by another company.
d. Minutes of directors' meetings.
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