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Audit Program For Accounts Payable

Audit Program For Accounts Payable Template for New Zealand

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Key Requirements PROMPT example:

Audit Program For Accounts Payable

"I need an Audit Program for Accounts Payable for a medium-sized retail company in New Zealand, focusing specifically on e-commerce transactions and international supplier payments, with particular attention to GST compliance and foreign currency controls."

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Document background
The Audit Program for Accounts Payable serves as a critical tool for organizations needing to conduct systematic examinations of their accounts payable function while ensuring compliance with New Zealand's regulatory framework. This document becomes necessary when organizations require a standardized approach to evaluating their accounts payable processes, whether for internal control purposes, external audit requirements, or regulatory compliance. It incorporates specific considerations for New Zealand's GST system, tax regulations, and financial reporting requirements, while aligning with International Standards on Auditing (New Zealand). The program is designed to identify risks, test controls, verify transaction accuracy, and ensure compliance with local legislation and company policies. It's particularly valuable for organizations seeking to maintain robust financial controls and demonstrate good governance in their accounts payable processes.
Suggested Sections

1. 1. Introduction and Objectives: Overview of the audit program's purpose, scope, and specific objectives for the accounts payable audit

2. 2. Audit Team and Responsibilities: Definition of team members, their roles, and specific responsibilities in conducting the AP audit

3. 3. Risk Assessment: Identification and evaluation of key risks in the accounts payable cycle, including fraud risks and control weaknesses

4. 4. Documentation Requirements: Specified documentation standards, working paper requirements, and evidence collection procedures

5. 5. Preliminary Review Procedures: Initial steps including system understanding, previous audit review, and preliminary analytics

6. 6. Internal Control Testing: Procedures for evaluating the design and implementation of internal controls in the AP process

7. 7. Substantive Testing Procedures: Detailed testing procedures for AP transactions, including sampling methodology and verification steps

8. 8. Compliance Testing: Procedures to verify compliance with relevant laws, regulations, and company policies

9. 9. Review and Reporting: Guidelines for reviewing audit work, summarizing findings, and preparing the final report

10. 10. Follow-up Procedures: Process for monitoring the implementation of audit recommendations and corrective actions

Optional Sections

1. Foreign Currency Transactions: Additional procedures for businesses with significant foreign vendor transactions or international operations

2. Electronic Payment Systems: Specific procedures for organizations using electronic payment systems or digital platforms

3. Related Party Transactions: Additional procedures for organizations with significant related party vendor relationships

4. Industry-Specific Procedures: Specialized procedures based on industry requirements (e.g., government contractors, regulated industries)

5. Computer-Assisted Audit Techniques: Procedures utilizing data analytics and automated testing tools

6. Vendor Master File Review: Detailed procedures for reviewing and testing vendor master file maintenance and controls

Suggested Schedules

1. Appendix A - Risk Assessment Matrix: Template for documenting and evaluating identified risks in the AP process

2. Appendix B - Internal Control Questionnaire: Comprehensive checklist for evaluating AP internal controls

3. Appendix C - Sample Selection Methodology: Guidelines and worksheets for determining sample sizes and selection methods

4. Appendix D - Standard Testing Worksheets: Templates for documenting various testing procedures and results

5. Appendix E - Exception Report Template: Standard format for documenting and tracking exceptions noted during testing

6. Appendix F - Audit Program Checklist: Comprehensive checklist ensuring all required procedures are completed

7. Schedule 1 - Timing and Resource Allocation: Detailed timeline and resource assignment for the audit program

8. Schedule 2 - Documentation Index: Standard index for organizing and referencing audit working papers

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Financial Services

Manufacturing

Retail

Healthcare

Technology

Government

Education

Non-profit Organizations

Construction

Professional Services

Transportation and Logistics

Energy and Utilities

Mining and Resources

Telecommunications

Agriculture

Relevant Teams

Internal Audit

Finance

Accounts Payable

Procurement

Risk Management

Compliance

Treasury

Financial Control

Financial Planning & Analysis

Relevant Roles

Internal Auditor

External Auditor

Audit Manager

Financial Controller

Accounts Payable Manager

Chief Financial Officer

Risk Manager

Compliance Officer

Finance Director

Audit Partner

Senior Accountant

Financial Analyst

Procurement Manager

Treasury Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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