How can we audit for understatement

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Reference no: EM132164222

How can we audit for understatement? We can audit what is recorded as a liability but what do we do if we believe that the risk is less with the recorded liability and more with the unrecorded liability? Many auditors believe that the only relevant audit work with liabilities (particularly with accounts payable) is to do The Search for Unrecorded Liabilities. Do you agree with this logic in the audit of liabilities? Please write an articulate, thoughtful response to the question above. This response should be 200-250 words in length.

Reference no: EM132164222

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