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