The following issues need to be addressed by the auditor relating to accounts payable, accrued...
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Accounting
The following issues need to be addressed by the auditor relating to accounts payable, accrued payables, and deferred assets
(a) Totals from the clients Listing of Accounts Payable agree to the clients Working Trial Balance.
(b) No unrecorded accounts payable exist at year end
(c) Items recorded in the Voucher Register represent transactions that actually occurred.
(d) The balances in prepaid rent and rent expense at year end are accurate.
(e) Recorded accounts payable are presented at the proper amount.
(f) No unrecorded accrued liabilities exist at year end.
(g) The total balance in accounts payable agrees with the total of the individual vendor accounts.
(h) The accrued liability for wages payable is properly stated at year end. The clients employees are paid on the 15th of each month, and the client has a calendar year end.
REQUIRED: For each of the above items, provide one specific substantive auditing procedure that the auditor can perform in order to verify the item. Be sure that the procedure is detailed enough in language so that it is clear what the auditor must do to execute the procedure.
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