What is the easiest way to identify understatement of liability fraud exposures?
a. Analyze the trend of accounts payable for the company.
b. By using the formula, assets = capital + liabilities.
c. Investigate the various transactions that involve liabilities and can be understated.
d. Compare the company's liabilities with those of other players in the industry.
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct.
d. Incorrect.
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