Which of the following consists of procedures designed specifically to detect significant unrecorded obligations at the balance sheet date?
A)Search for unrecorded liabilities
B)Vouching of recorded purchase transactions
C)Confirmation of accounts payable
D)Procedures for purchase returns

Question

Quizplus · Accepted Answer

Searching for unrecorded liabilities involves specific procedures aimed at identifying any significant obligations that have not been recorded in the financial statements. This includes analyzing documentation such as invoices, contracts, and other relevant documents to ensure that all liabilities have been properly recorded.

Which of the Following Consists of Procedures Designed Specifically to Detect