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The audit of accounts payable includes substantive procedures. Substantive procedures for accounts payable include: Obtain or prepare a trial balance of accounts payable as of
The audit of accounts payable includes substantive procedures. Substantive procedures for accounts payable include:
- Obtain or prepare a trial balance of accounts payable as of the balance sheet date and reconcile with the general ledger.
- Vouch balances payable to selected creditors by inspection of supporting documents.
- Reconcile liabilities with monthly statements from creditors.
- Confirm accounts payable by direct correspondence with vendors.
- Perform analytical procedures for accounts payable and related accounts.
- Search for unrecorded accounts payable.
- Perform procedures to identify accounts payable to related parties.
- Evaluate proper balance sheet presentation and disclosure of accounts payable.
Briefly describe the purpose of three substantive procedures for accounts payable?
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