During a preliminary survey, an auditor found that several accounts payable payment requisitions for major suppliers required adjustments for duplicate payment of prior invoices. This would indicate ....

Question

Accepted Answer

a need for additional testing to determine related controls and the current exposure to duplicate payments made to suppliers.

Answer

insufficient controls in the receiving areas to ensure timely notice to accounts payable area that goods have been received and inspected.

Answer

the existence of a sophisticated accounts payable system that correlate overpayments to open invoices and therefore requires no further audit concern.

Answer

the possibility of unrecorded liabilities of the amount of the overpayments.

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During a preliminary survey, an auditor found that several accounts payable paym...

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