A typical company has hundreds, if not thousands of vendors with whom it does business. Managing the vast amount of related information is important to ensuring that the company reduces the likelihood of errors in its accounts payable (AP) processing.

1.What are some key activities that are necessary to manage a company's vendor information?

2.What are the reasons for managing a company's vendor information?

3.Vendor verification is of the key activities involved in managing a company's vendor information. What are some of the audit issues related to this activity?