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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › credit note in respect of audit of payable
Hi sir,
from the chapter of audit of payable can you explain the last point relating to the credit note .
I’m not sure I can explain it better that what’s there.
If a company wants to decrease profits it could:
28/12/15 Dr Expense and Cr Creditor with a false invoice/journal.
Then on
2/1/16 Dr Creditor and Cr Expense with a false credit note or journal to reverse the false transaction and to stop the creditor being paid for the false invoice.