Trade creditors are the bills you need to pay. They’re sometimes called creditors, trade creditors or accounts payables. Trade creditors might also refer to the suppliers you owe money to.
when a trading partner extends a line of credit to your company so that you can purchase goods without paying for them yet, they become one of your trade creditors.
- Without effective internal controls and auditing standards for every stage of the procure-to-payment process, your company is exposed to excessive risk.
- Auditing procedures are designed to minimize the occurrence of these problems, and quickly illuminate common, and potentially costly, errors in your year-end financial statements.
So this document include the audit program of trade creditors , the audit procedures and the audit assertion.
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