- This topic has 1 reply, 2 voices, and was last updated 7 years ago by
.
- Posts
hello sir,
can you tell me if these are relevant substantive procedures for completeness of trade payables and accruals?
1.the auditor should trace back the goods received from the supplier whether included in Trade payables and acccruals
2.cal payables ratio and compare to prior year and budgeted to find out any significant diff arise in relation to completeness
3.confirm with the suppliers through supplier statement(S.S) by verifying the goods received by the client are omitted or not invoiced in S.S.
4.inspect purchase ledger of the client to verify the inclusion of goods purchased in terms of correct qty, price and in correct accounting period.
5.inspect prior year F.S for any unpaid suppliers and whether included in the current year accruals.
can you suggest the suitable procedures if any of the above are incorrect?
thank you
4 PL will not include details of what was bought. It only records invoice jumber, date and amount. However, important to check cut-off ie invoices there only for items in inventoty.
5 I don’t think that is useful. All accrua.ls are reversed out, so none of last year’s will be there, but important to verify the reversal happened.
1, 2, 3 ok.
- You must be logged in to reply to this topic.