Most auditors are interested in performing as many phases of an audit as possible in advance of the balance sheet date The verification of accounts payable, however, generally is regarded as something to be done after the balance sheet date What specific factors can you suggest that make the verifi...

The fact that accounts payable may change greatly within a few weeks ...

Most auditors are interested in performing as many phases of an audit as possible in advance of

Question:

Most auditors are interested in performing as many phases of an audit as possible in advance of the date. The verification of however, generally is regarded as something to be done after the date. What specific factors can you suggest that make the verification of less suitable than many other accounts for interim work?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...