What are the audit procedures for receivable and payable other than third party confirmations?

• 1st check out the quotation to know if the client enquired for the goods or services.
• then check out the invoice ito know if the client bought the goods.
• then check the receipts to know the money that was paid and the debt remaining
• then check out on the stock record to ensure the stock sold is correct

1. First check about the inquiry which was sent to the supplier.

2. Check the quotation received from the supplier (s).

3. Based on the received quotation- price and terms & conditions the purchase order to be raised

4. Check the received material and /or services are as per the quoted price, specification, and terms & condition mentioned in the purchase order/contract.

5. Inspect received service and/or material to very its compliance as agreed in the purchase order/ contract.

6. Verify the payement to supplier as per the contract.

Also check the aging and subsequent clearence.