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Substantive procedures for trade payables

This topic has 5 replies, 3 voices, and was last updated 5 years ago by Ken Garrett.

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November 23, 2017 at 6:45 am #417528
rihaam
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How would reviewing after date invoices and credit notes help ensure no further items need to be accrued?
November 23, 2017 at 6:53 am #417531
Ken Garrett
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Certainly reviewing after year end invoices helps.

Not sure what you mean about the credit notes.
November 23, 2017 at 4:50 pm #417653
rihaam
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But how? Can u explain it to me?
November 23, 2017 at 5:27 pm #417659
Ken Garrett
Keymaster
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If you receive an invoice for roof repairs on 12/1/2018, it could easily relate to work done y/e 31/12/2017 and so is an expense for y/e 31/12/2017 and needs to be an accrual at 31/12/2017. Some suppliers are quite slow at issuing invoices.
November 25, 2017 at 6:42 pm #417984
iyamu
- Topics: 275
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Sir, does this relate to cut off Audit as well?
November 26, 2017 at 12:08 am #418006
Ken Garrett
Keymaster
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Yes
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