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Search for Unrecorded Liabilities (How to Perform)

In this video I explain how to perform a search for unrecorded liabilities. The directional risk for payables is an understatement. So, as the auditor, you want to ensure that accounts payable is not understated. That's why we do the search for unrecorded liabilities. I'll tell you what information you need to perform the search (a list of subsequent payments and related invoices). Then we'll then compare selected subsequent payments (based on a threshold) to the client's list of invoices payable at year end. If they are not included on the client list, we will propose an auditor adjustment to accrue the amounts due at year-end. #CPAHallTalk 0:00 Introduction to search for unrecorded liabilities 0:16 What is a payable? 1:34 List of invoices at year-end 3:00 Performing the search for unrecorded liabilities 3:45 Use the subsequent check register 5:04 Threshold for testing 7:05 Create proposed audit journal entry to accrue additional payables 7:45 Is a search for unrecorded liabilities required? #CPAHallTalk