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Assume that you are completing the field work on payables at Shady Oaks Pty.Ltd. The payables relate to medical supplies, employee provisions, other accruals, bank overdraft, and directors' loans. Each account is individually material. The accounts payable clerk has been on sick leave for the last three months. During this time, the remaining accounting staff have tried to cover for their absence, as well as continuing their own jobs.
Required:
Problem a) What result would the disruption have on the assessed level of control risk?
Problem b) How would the above impact on the audit approach?
Problem c) Which management assertions are most at risk for the payables at Shady Oaks?
Problem d) Would you use confirmations for your payables testing? If so, which balances and why?
Problem e) Is subsequent payments and cut-off testing necessary? Explain and distinguish the difference between the two terms.
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