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Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it...

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Accounting

Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing? What is thepurpose of this test?

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A search for unrecorded liabilities is a fundamental almost universally applied procedure in all audits The scope of such a search frequently includes a sampling of subsequent cash disbursements which is an example of testing one population for understatement by sampling through a reciprocal population where unrecorded or otherwise missing balances or transactions are likely to reside When there is a longerthanusual time interval between recording payables and cutting the checksa common circumstance with financially troubled entities or during periods of economic stressan auditor should consider merging the populations from the    See Answer
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In: AccountingExplain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing?...Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing? What is thepurpose of this test?

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