A company is conducting an audit of its accounts payable to ensure that all payments made to
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Question:
A company is conducting an audit of its accounts payable to ensure that all payments made to suppliers are accurate. The company has identified two invoices with errors.
Invoice 1 was for $5,000 but the supplier mistakenly charged $5,500.
Invoice 2 was for $7,200 but the company mistakenly paid $7,000.
Calculate the total amount of overpayment or underpayment and express the answer as a percentage of the total amount invoiced.
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date: