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ticktrader ticktrader
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3 weeks ago
When dealing with fraudulent financial reporting risk for accounts payable,

▸ companies will generally tend to overstate accounts payable.

▸ it is difficult for the auditor to verify if all liabilities have been recorded if prenumbered receiving reports are used.

▸ companies have used fictitious reductions to accounts payable to overstate net income.

▸ accounts payable is rarely a significant risk area for fraudulent financial reporting.
Textbook 

Auditing and Assurance Services


Edition: 17th
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cskeen80cskeen80
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companies have used fictitious reductions to accounts payable to overstate net income.

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