Approximately $290,000 when However, the investigation disclosed that Nefret's president made telephone calls to some suppliers who had received confirmation requests from Abdul&El Emir also performed a purchase cutoff test by vouching accounts payable invoices received for nine weeks after year-end. The purposes of this test was to indentify invoices received after year-end that should have been recorded in accounts payable. Thirty percent of the sample ($150,000) was found to relate to the prior year, indicating a potential unrecorded liability of approximately $500,000 the audit firm and Nefret's eventually agreed on adjustment to increase account payable by $260,000
Approximately $290,000 when However, the investigation disclosed that Nefret's president made telephone calls to some suppliers who had received confirmation requests from Abdul&El Emir also performed a purchase cutoff test by vouching accounts payable invoices received for nine weeks after year-end. The purposes of this test was to indentify invoices received after year-end that should have been recorded in accounts payable. Thirty percent of the sample ($150,000) was found to relate to the prior year, indicating a potential unrecorded liability of approximately $500,000 the audit firm and Nefret's eventually agreed on adjustment to increase account payable by $260,000
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