Multiple Choice
Which audit procedure is most closely related to management's assertion regarding presentation and disclosure of liabilities?
A) Tracing cash received from a bond issue to the accounting records.
B) Confirmation with the bond trustee of amounts owed on a private placement of bonds.
C) Reviewing the renewal of a note payable immediately after the balance sheet.
D) Inspection of public records of lien balances.
Correct Answer:
Verified
Correct Answer:
Verified
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