You are planning the audit of Accounts Payables of Furniture Inn Ltd. FURNITURE INN Ltd is referred to as your established client and you were one of the audit team in the previous audit. Furniture Inn Ltd has a significantly large Payables ledger and also it has been determined that there is a high sample size for the audit of Payables.You have also reviewed the Payables aged analysis and you have reached 120 days without being settled. The finance manager of Furniture Inn ltdvtold you that there is a significant matter regarding the way VAT was calculated on one invoice amounting to $280,000

REQUIRED

Set out in a manner suitable for inclusion in the auditplan, the audit procedures to be undertaken to ensure that the Payables balance of Furniture Inn Ltd is fairly seated in the statement of financial position. (20marks)