Hi sir,
I don't understand this point investigate the reconcile items why? if it's not reconcile then we need to investigate
Select a sample of payable balances, perform a trade payable circularisation and followup any non replies and any reconciling items between the balance confirmed and trade payable balance
Obtain supplier statements and reconcile these to payable ledger balances and investigate any reconciling balances.
ACCA Ethics & Professional Skills Module
Payables substantive procedure.
1y ago#1You have to validate the reconciling items I.e. confirm the amounts and what they say the are in-transit goods/cash. There may also be a difference that requires investigation e.g. a request for credit note for overcharge on an invoice.
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