Share your Audit Experience, Difference between Accounts Payable and Accrued Expenses, What is materiality? How will you assess it? How will you check Accounts Payable?

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I have experience in auditing financial statements and can differentiate between accounts payable and accrued expenses. Materiality is the threshold for financial information to be considered significant. I assess it based on the size and nature of the item. To check accounts payable, I verify invoices and reconcile vendor statements.

Experience in auditing financial statements
Accounts Payable - money owed by a company to its suppliers for goods or services purchased on credit
Accrued Expenses - expenses that have been incurred but not yet paid
Materiality - threshold for financial information to be considered significant
Assess materiality based on size and nature of item
Check accounts payable by verifying invoices and reconciling vendor statements

Share your Audit Experience, Difference between Accounts Payable and Accrued Expenses, What is materiality? How will you assess it? How will you check Accounts Payable?

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