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

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