A substantive audit procedure for verifying accounts payable should include tracing the
opening balance to the previous year's working papers.

Question

Quizplus · Accepted Answer

Tracing the opening balance to the previous year's working papers is a commonly used and important substantive audit procedure to verify the accuracy and completeness of accounts payable. This helps to ensure that all outstanding payables from the previous year have been properly recorded and carried forward to the current year's financial statements.

A Substantive Audit Procedure for Verifying Accounts Payable Should Include