Substantive audit procedures

Describe the substantive audit procedures that would have been carried out to
enable the auditors to arrive at a conclusion as to whether this figure was
materially misstated.

References should be in Harvard style

The audited financial statements of GlaxoSmithKline (GSK) plc for the year ended 31
December 2016 include within Current Liabilities on the Consolidated Balance Sheet
the line ‘Trade and other payables’. The figure shown is £11,964 million for 2016.

GUIDE TO SOURCES
Tutorials and Lectures
An initial briefing on the assignment, including details of the company, will be given in the first on-line tutorial and will be available via Panopto. The audit of current liabilities is intended to be covered in Lecture 18. Material relevant to the assignment will be covered in all of the lectures on Auditing Procedures, lectures 15-19.
Company Sources
You will need to familiarise yourself with the relevant sections of GSK plc’s annual report for 2016. This can be found online at: https://annualreport.gsk.com/assets/downloads/1_GSK.AR.FULL.V4.pdf.
Text Books
The text book A student’s guide to auditing by Alan Lewin has material relevant to the assignment in ‘Chapter 7: The Audit Cycle – Evidence Collection 2’.
A wide range of auditing text books will cover the audit of current liabilities. If you choose to consult another text, and I would not wish to discourage you from so doing, please ensure that it covers up to date international standards. If you have any doubts as to whether a particular source is sufficiently relevant and current please refer to the module tutor.
Other Sources
An internet search may throw up many other sources covering the topics set in this assignment. If you draw on these do so with caution. Ensure they are sufficiently authoritative for your purposes. If in doubt, consult the module tutor.

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