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Auditing: accounts payable, inventory, subsequent events, evidence
REQUIRED:
1. Discuss the auditors` approach to the verification of liabilities and assets.
2. Which do you consider the more significant step in establishing strong internal control over accounts payable transactions: the approval of an invoice for payment or the issuance of check in payment of an invoice? Discuss.
3. Discuss how the auditors coordinate the year-end cutoff of accounts payable with their observation of the year-end physical inventory.
4. Discuss the purpose of the auditors` review of cash payments subsequent to the balance sheet date.
5. Discuss what kind of documentary evidence created outside the client`s organization is particularly important to the auditors in verifying accrued property taxes.