Accounts Payable and Expenses

• What are the 5 primary concerns (questions) auditors consider in this cycle?
• For each significant accounts, list the corresponding relevant assertions
• the corresponding assertions:
• control activities to mitigate that risk:
  • What entity level controls should be in place relevant to this cycle?
• Why is segregation of duties so important in this cycle?
• Discuss the controls associated with custody
• Discuss the ways that periodic reconciliations should occur How does the auditor test each of the control activities ?
• How do CAATs assist?
• Give an example of a dual direction test for this cycle (include the assertions tested)