Audit of Accounts Payable

Accounts Payable Audit Objectives
The objectives of the accounts payable audit are:

  • To evaluate internal control over the accounts payable process
  • To verify that payments made were done correctly, accurately accounted for and properly supported (Webb 1)
  • To review for duplicate payments
  • To evaluate compliance with policy, procedures, laws and regulations (Webb 1)

Situations to Use Accounts Payable Confirmations
Accounts payable confirmations are used by the auditor to obtain evidence from the third parties about the financial statement assertions that have been made by the management. It is presumed that audit evidence is more reliable in cases where it has…..

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