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eFishie eFishie
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6 years ago
Which of the following internal controls over notes payable address risks associated with the accuracy, allocation and completeness audit assertions?
A) renewals or new notes should be approved by the Board of Directors (as evidenced in the minutes) or by senior management
B) authorized employees should perform independent recalculations of interest and reconciliation of the notes payable balance to the general ledger
C) subsidiary records should be maintained for each note, and there should be control over blank and paid notes
D) paid notes should be cancelled and retained under the custody of an authorized official
Textbook 
Auditing: The Art and Science of Assurance Engagements, Canadian Edition

Auditing: The Art and Science of Assurance Engagements, Canadian Edition


Edition: 12th
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inthe80sinthe80s
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6 years ago
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