Solution-What specific timing issues come into play

What specific timing issues come into play

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Reference no: EM133132680

Question - As you know, companies cannot possibly pay their debts by the last day of the fiscal year. You will discuss how auditors treat the timing issues encountered in accounts payable audits.

As part of the audit process, auditors like to get as much work as possible done before the balance sheet date. This is possible with several accounts due to their nature and the extent of the testing done; however, the accounts payable audit is performed after the balance sheet date.

What are some of the reasons that accounts payable testing should not be performed until after the company year-end?

What specific timing issues come into play when the auditor tries to determine the true value of accounts payable?

Why are audit confirmations so critical in valuing accounts payable?

Reference no: EM133132680

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What specific timing issues come into play

Reference no: EM133132680

Reference no: EM133132680

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