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Homework answers / question archive / Unrecorded Liabilities Procedures - You are in the Final stages of your audit for the Financial statements of Ozine Corporation December 31, 2020, when the corporations president consults you

Unrecorded Liabilities Procedures - You are in the Final stages of your audit for the Financial statements of Ozine Corporation December 31, 2020, when the corporations president consults you

Accounting

Unrecorded Liabilities Procedures - You are in the Final stages of your audit for the Financial statements of Ozine Corporation December 31, 2020, when the corporations president consults you. The president believes that there is no point to your examining the 2021 voucher register and testing data in support of 2021 voucher register. She stated that any bills pertaining to 2020 that were received too late to be included in the December voucher register were recorded by a year end journal entry and the internal auditor tested for unrecorded liabilities after the year year end. The President will provide you a letter certifying there no unrecorded liabilities.
 
Required - 
 
a) Should your procedure for unrecorded liabilities be affected by the fact the client made a journal entry to record 2020 bills that were received later? Explain.
b) Should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that, to the best of that person's knowledge, all liabilities have been recorded? Explain.
c) Should your test for unrecorded liabilities be eliminated or reduced because of the internal audit work? Explain.
d) What sources in addition to 2021voucher register, should you consider for locating possible unrecorded Liabilities.
  • In a 6-8 Page Research Paper, preparing the audit approach of the cases documented in the sections within the case write-up.
  • The essay should be in APA Format, with all citations and references properly documented.

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