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Describe the following audit procedures,providing an example of how each procedure could be used to gather evidence for the long-term debt and owners' equity process.
Owners' equity-Substantive tests
a.Inquiry
b.Inspection of documents
c.Analytical Procedures
d.Confirmation
Honor
A principle that drives individual conduct to embody integrity, respect, and ethical behavior.
Certify
To officially acknowledge or attest to the truth, accuracy, or authenticity of something through documentation.
Dishonored
A term used to describe a financial instrument, like a cheque or promissory note, that has been presented for payment but was refused.
Insufficient Funds
A situation where one's bank account does not have enough money to cover transactions.
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