Introduction

Meaning of Liabilities

Liabilities include loans, creditors……….

Special consideration in case of Banks, Financial Institutions, Venture Capital Funds.

GUIDANCE NOTE ON AUDIT OF LIABILITIES

Published in Dec,1995

Issued by Auditing Practices Committee(APC)

Now known as AASB

Internal Control Evaluation

Better control ------- less audit risk

3. In respect of Loans and borrowings (advance, deposits)

5. In respect of Trade Creditors

7. In respect of Current liabilities, trade provisions

Verification Examination Of Records

Direct Confirmation Procedure(

Examination Of Disclosure

Analytical Review Procedures(AAS 14)

Obtaining Management Representations(AAS 11)

Documentation(AAS 3)

Audit Of Liabilities