Payables Flashcards
1
Q
Payables
Likely overstated
Supplier statements not reconciled to payables ledger
A
Inspect contracts to review revised credit terms
Reconcile supplier statements to payables ledger
Where supplier statements have not been obtained carry out direct confirmation with the supplier
Translations calculations
Review post year end purchase invoices to ascertain whether they should have been posted in our year
Review correspondence with suppliers to ascertain whether there are any ongoing disputes
