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In BPP textbook 2017, an audit procedure for the existence of trade accounts payables is : “Vouch selected amount from the trade accounts payables listing to supporting documentation such as purchase orders and supplier invoices”.
I want to ask, if in the examination, can i write this sentence as : “for a sample of trade payables balance in the payable ledger, reconcile the balance with supporting documentation such as purchase orders and suppliers invoices” and score full mark?
Do two sentences have the same meaning?Moreover, I want to ask, whether the following sentences are valid audit procedures for the existence of trade accounts payables or not ?
“for a sample of trade payables balance in the general ledger, reconcile the balance with supporting documentation such as purchase orders and suppliers invoices” and
“for a sample of trade payables balance in the sale journal, reconcile the balance with supporting documentation such as purchase orders and suppliers invoices”?
Thank you!Q1: that would be fine.
Q2: there are no detailed payables balances in the general ledger, you would have to go from the payables ledger.
Q3: there are no payables balances in the sales journal. Are you talking about the sales day book? That deals with sales not purchases. Even the purchases day book does no contain balances,
thanks alot it has cleared alot of misconceptions.
what’s the best way to tackle any substantive questions ?
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