YUID Corp. is a second-stage manufacturer of bulk chocolate food products, serving final-stage producers. The company is controlled by a U.S. parent company. The rest of the shares are publicly owned.

Books and records include the following:

• General ledger 

• Sub-ledger for accounts payable by the vendor

• Vendors’ invoices

At your request, the client has provided you with a schedule of accounts payable as at the balance sheet date.

Prepare an audit program of at least four substantive procedures to verify the valuation assertion for accounts payable, using the books and records listed above. Do not include analytical procedures.

Answer rating: 100% (QA)

Two substantive procedures to verify the valuation assertion for accounts payab... View the full answer