Which of the following is not an initial procedure for verifying accounts payable?
A) trace the opening balance to the prior year's working papers (if applicable).
B) review activity in the general ledger account for any unusual entries.
C) reconcile accounts to monthly supplier's statements.
D) obtain a listing of amounts owed at the balance sheet date.

Question

Quizplus · Accepted Answer

Reconciling accounts to monthly supplier's statements is a routine procedure for managing and verifying accounts payable, but it is not specifically an initial procedure for verifying accounts payable at the start of an audit or accounting period. Initial procedures typically involve understanding the opening balances, reviewing general ledger activity, and obtaining listings of amounts owed to confirm the accuracy of reported liabilities.

Which of the Following Is Not an Initial Procedure for Verifying