What is the search for unrecorded liabilities?

Herein, why is it more important to search for unrecorded notes payable than for unrecorded notes receivable?

It is more important to search for unrecorded notes payable than unrecorded notes receivable because the omission of an asset is less likely to occur than the omission of a debt. ? Analyze interest expense to uncover a payment to a creditor who is not included on the notes payable schedule.

1. On Work With Auditor's Workbench, locate an expense report that requires an audit.
2. Perform one of these actions:
3. Perform one of these actions:
4. On Edit Expense Report Information, review the expenses on the expense report.
5. Perform one of these actions:

Similarly, you may ask, how do you audit creditors?

Here are some of the accounts receivable audit procedures that they may follow:

1. Trace receivable report to general ledger.
2. Calculate the receivable report total.
3. Investigate reconciling items.
4. Test invoices listed in receivable report.
5. Match invoices to shipping log.
6. Confirm accounts receivable.
7. Review cash receipts.

To audit accounts payable, you must match the ledger transactions to the figures in your general ledger. Cutoff tests check to whether transactions for the fiscal year are indeed included in your business' end of year financial statements. Often an accounts payable audit can be the sole focus of an audit.