The primary audit concern with the verification of long-term liabilities is that all liabilities are recorded and that the interest expense is properly paid or accrued.

Question

Quizplus · Accepted Answer

The verification of long-term liabilities focuses on ensuring that all liabilities are recorded properly and that the interest expense is correctly paid or accrued. This is a significant audit concern in ensuring the accuracy of the financial statements.

The Primary Audit Concern with the Verification of Long-Term Liabilities