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Substantive procedure – trade payables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Substantive procedure – trade payables

  • This topic has 2 replies, 2 voices, and was last updated 8 years ago by boma77.
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  • November 30, 2016 at 7:04 pm #352677
    boma77
    Member
    • Topics: 70
    • Replies: 97
    • ☆☆

    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?

    December 1, 2016 at 8:00 am #352792
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    If material, yes. These balances also need to be reclassified as assets.

    Usually they are small.

    December 1, 2016 at 8:03 am #352794
    boma77
    Member
    • Topics: 70
    • Replies: 97
    • ☆☆

    Thank you.

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