Describe the methodology for designing tests of details of balances for accounts payable. Design and perform substantive analytical procedures for accounts payable.

AUDIT OF THE ACQUISITION AND PAYMENT CYCLE: TESTS OF CONTROLS,
SUBSTANTIVE TESTS OF TRANSACTIONS, AND ACCOUNTS PAYABLE

Identify the accounts and the classes of transactions in the acquisition and payment
cycle.
Describe the business functions and the related documents and records in the
acquisition and payment cycle.
Understand internal control, and design and perform tests of controls and substantive
tests of transactions for the acquisition and payment cycle.
Describe the methodology for designing tests of details of balances for accounts payable.
Design and perform substantive analytical procedures for accounts payable.
Design and perform tests of details of balances for accounts payable, including search
for unrecorded accounts payable and other liabilities.
Distinguish the reliability of vendors’ invoices, vendors’ statements, and confirmations
of accounts payable as audit evidence.

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