I’m attempting some past questions and I’ve come across one which asks:
“Explain 5 types of audit procedure given in ISA 500 Audit evidence and for each type of procedure given a n example of how that procedure can be used in the audit of trade payables”
It sounds like it should be obvious, but I’m not 100% clear on what it means by procedure, does it mean: observation, enquiry, Inspection, recalcuation and analytical procedures? Or does it mean something else?
If it does, its just that I’m struggling to think of an observation/inspection procedure for payables.
Thanks for your help.
AEIOU., You are correct.
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