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Why does account payable have a higher inherent risk

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Reference no: EM132671984

Problem 1: give examples of material misstatement schemes that can occur in inventory and account payable accounts!

Problem 2: One of the audit procedures to perform an audit of accounts receivable is to use confirmation. There is positive confirmation and negative confirmation. Explain the strengths and weaknesses of each positive confirmation and negative confirmation!

Problem 3: Why does account payable have a higher inherent risk in the completeness assertion, where as accounts receivable have a higher inherent risk in the existence assertion? Explain the reasons

Reference no: EM132671984

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