Introduction <ul><li>Meaning of Liabilities </li></ul><ul><li>Liabilities include loans, creditors………. </li></ul><ul><li>S...
GUIDANCE   NOTE ON AUDIT OF LIABILITIES <ul><li>Published in  Dec,1995 </li></ul><ul><li>Issued by Auditing Practices Comm...
Internal Control Evaluation <ul><li>Better control -------  less audit risk </li></ul><ul><li>In respect of Loans and borr...
Verification <ul><li>Examination Of Records </li></ul><ul><li>Direct Confirmation Procedure( </li></ul><ul><li>Examination...
Audit Of Liabilities
 
 
 
 
 
 
 
 
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Audit Of Liabilities

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Audit Of Liabilities

  1. 1. Introduction <ul><li>Meaning of Liabilities </li></ul><ul><li>Liabilities include loans, creditors………. </li></ul><ul><li>Special consideration in case of Banks, Financial Institutions, Venture Capital Funds. </li></ul>
  2. 2. GUIDANCE NOTE ON AUDIT OF LIABILITIES <ul><li>Published in Dec,1995 </li></ul><ul><li>Issued by Auditing Practices Committee( APC ) </li></ul><ul><li>Now known as AASB </li></ul>
  3. 3. Internal Control Evaluation <ul><li>Better control ------- less audit risk </li></ul><ul><li>In respect of Loans and borrowings (advance, deposits) </li></ul><ul><li>In respect of Trade Creditors </li></ul><ul><li>In respect of Current liabilities, trade provisions </li></ul>
  4. 4. Verification <ul><li>Examination Of Records </li></ul><ul><li>Direct Confirmation Procedure( </li></ul><ul><li>Examination Of Disclosure </li></ul><ul><li>Analytical Review Procedures(AAS 14) </li></ul><ul><li>Obtaining Management Representations(AAS 11) </li></ul><ul><li>Documentation(AAS 3) </li></ul>
  5. 5. Audit Of Liabilities
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