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Substantive procedures for trade payables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Substantive procedures for trade payables

  • This topic has 5 replies, 3 voices, and was last updated 7 years ago by Ken Garrett.
Viewing 6 posts - 1 through 6 (of 6 total)
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    Posts
  • November 23, 2017 at 6:45 am #417528
    rihaam
    Member
    • Topics: 53
    • Replies: 37
    • ☆☆

    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
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    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
    Member
    • Topics: 53
    • Replies: 37
    • ☆☆

    But how? Can u explain it to me?

    November 23, 2017 at 5:27 pm #417659
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    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
    Participant
    • Topics: 286
    • Replies: 171
    • ☆☆☆

    Sir, does this relate to cut off Audit as well?

    November 26, 2017 at 12:08 am #418006
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    Yes

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