Write short notes on Vouching of Advances to the Suppliers

Auditing and Assurance Revision Questions and Answers

Answer
Vouching of Advances to suppliers can be done as follows:
 Obtain schedule of debit balances in trade payables‟ account and pay particular attention to the age of the balances. Also scrutinize the bought ledger.
 Enquiry should be made for long unadjusted outstanding and check as to whether any of them would require provisioning.
 Examine that the advances have not been shown as deposits in balance sheet.
 Confirmation of balances should be obtained and reconciliation be done in case of any discrepancies.



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