Search for Unrecorded Liabilities (How to Perform)

[@aliiqbal6733]

What an expert in the Audit! So grateful for that!

[@Johnthegreat15]

Absolutely amazing, I currently work at Ernst and Young as a staff one and I confused and not seeing the big picture, thank you for this detailed straight to the point video, very helpful 🙏🏾

[@CPAHallTalk]

Glad you found it helpful, John.

[@hussainfawzer]

Me too working in Ernst & Young. I'm from sri lanka, where are you from ?

[@preetarora221]

Thank you for explaining in detailed manner how to do this. This is very helpful.

[@CPAHallTalk]

Glad it was helpful!

[@mostafamaher6857]

Thanks sir, it was a great lecture, God bless you 🙏

[@faiqmarhoon9669]

I am a fresh staff auditor and audited UL search a couple of times but never understood the logic behind it. There is NO word I can find to express my sincere gratitude for this great insightful video. I highly appreciated. Meanwhile, I have a question, the invoice date is not usually the date the service is provided; so, can we use the invoice date to decide whether the payable belongs to CY or subsequent year? Thank you.

[@CPAHallTalk]

Technically, the liability is generated when the service is provided or the goods are received. Even so, many auditors use the invoice date.

[@Nothinggggggggggggggggg]

Even if it s for an advance services that is for the next years, it should be acount receievables. If it s not, it s understatment of assets.

[@melodylin5058]

Wow thank you! you're more helpful than my company's SURL guide, PY workpaper, my team, and websites online. I finally understand why we need the check register for SURL procedure haha

[@CPAHallTalk]

Glad it was helpful, Melody.

[@yasheenmothiram4636]

A great lecture

[@nehaagarwal9391]

Great! Good explanation, thank you

[@CPAHallTalk]

Thank you, Neha.

[@mohammedajaha1247]

Amazing conent thank you !

[@CPAHallTalk]

Thanks, Mohammed.

[@amararora4647]

Thank you sir. Can you please explain what is the testing of unprocessed invoices for checking completness of payables?

[@CPAHallTalk]

Amar, I usually inquire about any unprocessed invoices. If there are any, I ask to see them. If a business has good internal controls, invoices should be entered daily as they are received. But it’s not uncommon for a business to have unprocessed invoices. So, you should ask to see any of those. Hope that helps.

[@nourajay3357]

Thank you sir you are amazing

[@Alison-pf4vi]

Hi Charles, thanks for sharing these useful videos. I am wondering if you can provide some guidance on investments, especially how to prepare the cash flow on investment wps. Thank you !

[@CPAHallTalk]

Alison, basically you will show the cash created from the sale of investments as one line in the cash flow statement and the cash used in the purchases of investments as another line in the cash flow statement. If the purchases and sales are within three months, you can net them.

[@rawanalzubi6144]

Hi Charles, thanks for the explanation, but I need to ask few things: 1. Do you mean by the check register, the Bank statement ? 2. should we choose our sample by selecting it form the check register or the list of journal entries ?

[@Lee-qu4ce]

the check register is the actual checks they sent out for payment of invoices/liabilities. the client will have copies of them.

[@CPAHallTalk]

Rowan, the check register comes form the accounting system rather than the bank statements. I normally look at all amounts over a threshold (e.g., amounts greater than $10,000). Hope that helps.