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When dealing with fraudulent financial reporting risk for accounts payable,

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When dealing with fraudulent financial reporting risk for accounts payable,

When dealing with fraudulent financial reporting risk for accounts payable,

▸ companies will generally tend to overstate accounts payable.

▸ it is difficult for the auditor to verify if all liabilities have been recorded if prenumbered receiving reports are used.

▸ companies have used fictitious reductions to accounts payable to overstate net income.

▸ accounts payable is rarely a significant risk area for fraudulent financial reporting.

Textbook

Auditing and Assurance Services

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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Helped a lot

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Brilliant ツ

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