- Liabilities include loans, creditors……….
- Special consideration in case of Banks, Financial Institutions, Venture Capital Funds.
GUIDANCE NOTE ON AUDIT OF LIABILITIES
- Issued by Auditing Practices Committee( APC )
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
- Direct Confirmation Procedure(
- Examination Of Disclosure
- Analytical Review Procedures(AAS 14)
- Obtaining Management Representations(AAS 11)
Audit Of Liabilities