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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
Insurer
A company or entity that provides insurance coverage to policyholders in exchange for premiums.
Deductible
An amount that a policyholder must pay out of pocket before an insurance company will cover any expenses.
Premium
The amount paid for an insurance policy or the fee charged by insurers for providing coverage.
Comprehensive Coverage
A type of automobile insurance that provides protection against loss when the insured’s car is damaged or destroyed by fire, lightning, flood, hail, windstorm, riot, vandalism, or theft.
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