inHong Kong companyaudit,Accounts payable confirmation is often involved in making accounts and tax returns, and the auditee may omit accounts payable, underestimate liabilities and whitewash statements, so the auditor pays particular attention to the integrity of accounts payable.

What aspects of the audit process does the auditor perform for the integrity of accounts payable?

(1) Check the corresponding vouchers of the credit amount of the accounts payable subaccount after the balance sheet date, pay attention to the date of its acceptance sheet, supplier's invoice, and confirm whether its entry time is reasonable

(2Obtain and check the statements between the audited entity and its suppliers and the discrepancy reconciliation statement prepared by the audited entity to determine the accuracy of the accounts payable amount.

(3For payment items after the balance sheet date, check bank statements and relevant payment vouchers (such as bank remittance notice, supplier receipt, etc.), ask internal or external informed personnel of the audited entity to find out whether there are accounts payable that have not been timely recorded.

(4) In combination with the inventory supervision procedures, check the inventory entry data (acceptance report or inventory entry sheet) of the audited entity before and after the balance sheet date, and check whether the relevant liabilities are included in the correct accounting period.

This can only be achieved with a full understanding of the audit procedures carried out by the Hong Kong auditors on accounts payableHong Kong corporate auditRisk.

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