ACC575-p1 chapter 8 HW.docx - Joe Schipani ACC575 Chapter 8 Homework 8.49 E The following is the audit objectives for accounts payable 1 Accounts

ACC575-p1 chapter 8 HW.docx - Joe Schipani ACC575 Chapter 8...

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Joe Schipani ACC575 Chapter 8 Homework 8.49 E) The following is the audit objectives for accounts payable: 1. Accounts payables which are in the balance sheet shows authentic liability of the organization and contains bills and obligations for services and goods received, but not invoiced. 2. Amounts of accounts payable should match with bills or other supporting documents. Payables are correctly recorded as to period accounts. 3. Accounts payable are accurately defined as current liabilities, and sufficient disclosures are given for related party accounts payable, payables with pre-determined payment terms, and assets pledged as collateral on accounts payable. F) Confirmation- if confirmations are applied, zero balances and small balances should be sampled as well as heavy balances. For example, if orders are done with a supplier on a regular basis, and a confirmation should be sent to the supplier particular to confirmation and his reply should be matched with amounts shown in financials and reconciliations should be carefully analyzed for differences, if any.
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