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Audits of AP PDF Print E-mail
Written by Cecilia Chee, Singapore   
Monday, 03 October 2011 19:44

 

 

 

Audits of accounts payable

 

Auditors often focus on the existence of approved invoices, expense reports, and other supporting documentation to support checks that were cut. The presence of a confirmation or statement from the supplier is reasonable proof of the existence of the account. It is not uncommon for some of this documentation to be lost or misfiled by the time the audit rolls around. An auditor may decide to expand the sample size in such situations.

Auditors typically prepare an ageing structure of accounts payable for a better understanding of outstanding debts over certain periods (30, 60, 90 days, etc.). Such structures are helpful in the correct presentation of the balance sheet as of year end.

 

 

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Last Updated on Tuesday, 04 October 2011 12:34
 
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