Explain the Audit Steps for Detecting the Following Issues

question 48

Essay

Explain the audit steps for detecting the following issues.
(a) Unrecorded noted payable
(b) Unrecorded dividends payable
(c) Unrecorded NSF checks
(d) Unrecorded pension liabilities
(e) Unrecorded stock buybacks (treasury stock)
(f) Unrecorded stock compensation expense
(g) Unrecorded covenant violations
(h) Unrecorded debt issuance

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Definitions:

Benefit

An advantage, profit, or gain received as a result of an action or a decision.

Unsolicited Proposal

A proposal or offer made by an individual or organization that has not been specifically requested by the recipient.

Latitude

The measurement of distance north or south of the Earth's equator, typically expressed in degrees.

Scope

The range or scope of a subject or area that something addresses or is applicable to.