Economics · Auditing
Which of the following audit procedures should be performed in relation to the trade payables balance with Lily Co. to determine if the payables balance is understated?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Send a confirmation request to Lily Co. to confirm the outstanding balance
- 2Review the post year-end cashbook for evidence of payment of the invoice
- 3Inspect the purchase orders to confirm they are dated before the year-end
- 4Inspect the goods received notes to determine when the goods were received✓
Correct answer
Inspect the goods received notes to determine when the goods were received
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