Which audit procedures is best for identifying unrecorded trade - ProProfs Discuss
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Which audit procedures is best for identifying unrecorded trade accounts payable?

Asked by Dodonutt, Last updated: Jul 24, 2021

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2 Answers

f.Brian

f.Brian

f.Brian
F.Brian

Answered Jan 19, 2018

The best thing to do, is to review the cash disbursements that are recorded subsequent to the balance sheet date. This is done in order to determine whether the related payables apply to the prior period.

This is a concept in Finance, which is a very vast field and a sub-field of Business studies. Finance deals with the management of cash, and its flows in and out of an organization for various business purposes. Usually, finance majors are taught together with Accounting named as an Accounting and Finance course in many colleges.

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John Smith

John Smith

John Smith
John Smith

Answered Dec 08, 2016

Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payables apply to the prior period

LO #18-6 #18-7
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