Thursday 22 November 2012

An audit procedure used to test the completeness of liabilities at year-end is • Tracing records liabilities to supporting documents. • Reviewing the general journal for unusual entries recorded immediately after year-end. • Preparing an aging schedule for accounts payable. • Examining vendor invoices received subsequent to year-end for shipment date and term of shipment.

An audit procedure used to test the completeness of liabilities at year-end is

·        Tracing records liabilities to supporting documents.

·        Reviewing the general journal for unusual entries recorded immediately after year-end.

·        Preparing an aging schedule for accounts payable.

·        Examining vendor invoices received subsequent to year-end for shipment date and term of shipment.



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