Trade payables are accounted for in full and on time From the detailed book or account ledger 331, select a number of transactions that are payable 10 days before or after the cut off date Compare to;.
Trade payables are - From the detailed book or account ledger 331, select a number of accounted for in full transactions that are payable 10 days before or after the cut-off date and on time - Compare to; Receipt; Goods receipt/handover record Other documents - Evaluate the reasonableness, validity and timeliness of the payables recognition transactions -Checking the continuity of purchase orders, test records, warehouse receipts, etc to ensure completeness and rigor Sources: Company profile (Page 17) a) Carry out the detailed checking procedures for the balance: • For opening balance: The consideration of the opening balance of accounts payable is conducted depending on whether the enterprise is audited for the first time or for the second time onwards If the previous iyear's iaudit iwas iperformed iby ithe isame iauditing ifirm ithat iis iauditing ithis iyear's ifinancial istatements, iand ithe iopening ibalance ihas ibeen idetermined ito ibe icorrect, ino iadditional iaudit iprocedures iare inecessary If ithe iprevious iyear's iaudit iis iperformed iby ianother iauditing ifirm, ithe iauditor imust iconsider ithe iprevious iyear's ifinancial istatements iand ithe iprevious iyear's iaudit irecords, iespecially iissues irelated ito itrade ipayables iIf iit ican ibe itrusted, ithe iauditor ican ialso iaccept ithe iprevious iyear's iaudit iresults iwithout iperforming iadditional iaudit iprocedures iIn ithis icase, ithe iauditor's ireview iis ionly inecessary ito iensure ithat ithe iyear-end ibalance iis icarried iforward icorrectly ior iappropriately ireclassified iin ithe icurrent iyear's ifinancial istatements If ithe iprevious iyear's ifinancial istatements ihave inot ibeen iaudited i(first iaudit) ior ithe iprevious iyear's iaudit iis iperformed iby ianother iauditing ifirm iand ithe iauditor idoes inot ibelieve iin ithe iprevious iyear's iaudit iresults ior ithe iprevious iyear's iaudit ireport idoes inot iaccept ithe iwhole iwith irespect ito ithe ibalance of the account AP, the auditor must consider the reasons for the previous year's non-acceptance in full In this case, the auditor must apply additional audit procedures such as: checking the supporting documents for the opening balance of the year, checking the previous year's debt reconciliation records, checking the confirmation letters of buyer end of last year…