Help solve this please Your firm was recently appointed as the auditor of Eccah Sdn Bhd, a company manufacturingand supplying engines to the car industry, The company manufactures made-to-order carengines for its regular customers and has good relationships with its local suppliers. Thecompany has a December year-end and uses a computerized accounting system. You havebeen assigned to review the audit working papers of the company.Extract from the company's financial statements as at 31 December 2016:20162015RMRMTrade payables 9,350,000 12,345,000Information of the trade payables has been highlighted for your attention during filereview:(a) Raw materials are purchased from local suppliers, most of whom are paid via chequeswithin three months.(b) Some suppliers require a contract to be drawn between the company and the suppliersthat specifies the terms and references of credit given to the company.(c) The inventory count was conducted on 31 December, during which it was noted thatthe last good received notes number was XYZ123.(d) A listing of all the trade payables at both the current and previous year-ends wasincluded in the audit working papers.e) A listing of all the trade receivables was not included in the audit working papers.The credit department comprises three staff-the credit manager and two other staffmembers. Requiredeview of the working papers to verify the trade accounts payable balance at year-end andthat the amount is not understated.escribe the substantive audit procedures that you should expect to find during your

Audit can be defined as the evaluation and assessment of the financial statements for a particular…

Required Vwof the working papers to verify the trade accounts payable balance at year-end and that the amount is not understated. escribe the substantive audit procedures that you should expect to find during your

Required Vwof the working papers to verify the trade accounts payable balance at year-end and that the amount is not understated. escribe the substantive audit procedures that you should expect to find during your

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter4: Posting To A General Ledger

Section: Chapter Questions

Problem 1ANFS

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