You decided to use a newly acquired audit software package in auditing accounts payable. The accounts payable

Question:

You decided to use a newly acquired audit software package in auditing The system has been computerized for several years, and the transaction records are recorded on magnetic disk.

Required
a. Briefly describe five of the major functions of the typical generalized audit software package.
b. List three important steps in auditing of for which generalized audit software can be used.
c. Briefly describe how the generalized audit software should be used to perform these audit steps.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...