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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Substantive procedure – trade payables
Dear Tutor,
By testing the trade payables, would one acceptable procedure be to look if there are any debit balances in the payables ledger and discuss them with management. If yes, would we in this case confirm the assertion: rights and obligations?
If material, yes. These balances also need to be reclassified as assets.
Usually they are small.
Thank you.
