Audit Working Papers and SA 230

What are audit working papers? Audit working papers refer to the documentation of the planning and execution of an audit engagement. They are essentially a record of audit procedures performed by the auditor while auditing his client’s books, relevant audit evidence obtained, and the conclusions reached by him. They may include information such as details…

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Verification of Liabilities, its Objectives and Procedures

Just as verification of assets, it is equally important for an auditor to verify the liabilities appearing in his client’s books. Liabilities are financial obligations of a business other than the owner’s equity. These may be long-term or short-term depending on the time for which resources are procured. For example, loans and borrowings, debentures, or…

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