CASE: You are auditing accounts payable for Young Pty Ltd (Young), a whitegoods wholesaler, for the year ending on June 30^th 20X1. All of Youngs contracts with suppliers require payment in full by the end of the month following the month in which the purchase was made. The audit program requires that you test for the completeness of accounts payable. Accordingly, your assistant inspects Youngs Cash Payments Journal for the month of July 20X1, and provides you with the following record of payments to creditors.

Date Paid Name of Creditor Amount Paid

12/07/20X1 Labrina Pty Ltd $33,000

16/07/20X1 North Pty Ltd $22,000

20/07/20X1 LeFevre Pty Ltd $16,000

31/07/20X1 Archer Pty Ltd $24,000

REQUIRED:

(i) What do you do with this information?

(ii) What is the name of the test you have undertaken?

(iii) Outline the principle on which you have relied when performing this test.