Question
Auditor's duties regarding verification of liabilities
Answer :
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Auditor’s duties regarding the verification of liabilities focus on ensuring that all obligations of the business are complete, accurate, and properly recorded. The auditor begins by examining the internal control system related to purchases, expenses, and loan procurement to understand whether liabilities are recorded systematically. He then checks the completeness of liabilities by comparing the list of outstanding obligations with external evidence such as supplier statements, loan confirmations, and correspondence. This helps identify unrecorded liabilities, a major area of audit risk. The auditor
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