All Countries
Compliance
Audit Program For Accounts Payable

Audit Program For Accounts Payable Template for India

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Audit Program For Accounts Payable

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Audit Program For Accounts Payable

"Need an Audit Program for Accounts Payable for our manufacturing company with extensive foreign vendor transactions, scheduled for implementation by March 2025, that includes specific procedures for FEMA compliance and foreign currency payment validations."

Celebrated by
Collaborations with
Investors
Document background
The Audit Program For Accounts Payable serves as a crucial framework for conducting systematic examinations of an organization's payable processes and controls within the Indian regulatory environment. This document is essential for organizations seeking to maintain robust internal controls, ensure regulatory compliance, and validate the accuracy of their accounts payable processes. It incorporates requirements from various Indian legislative frameworks including the Companies Act 2013, GST laws, and Income Tax regulations, while also aligning with standards issued by the Institute of Chartered Accountants of India (ICAI). The program is designed to be adaptable across different organization sizes and industries, providing comprehensive guidance for both routine and special audit procedures in the accounts payable function.
Suggested Sections

1. Audit Program Objectives: Clear statement of the purpose and scope of the accounts payable audit

2. Risk Assessment: Identification and evaluation of risks related to accounts payable processes

3. Internal Control Evaluation: Assessment procedures for testing internal controls over accounts payable

4. Substantive Testing Procedures: Detailed testing procedures for accounts payable transactions and balances

5. Vendor Master File Review: Procedures for reviewing and testing vendor master data

6. Payment Processing Review: Testing procedures for payment processing and authorization

7. Compliance Testing: Procedures to test compliance with statutory requirements including GST and TDS

8. Cut-off Testing: Procedures to ensure proper recording of transactions in correct accounting periods

9. Analytical Procedures: Analysis of accounts payable trends, ratios, and unusual fluctuations

10. Documentation Requirements: Specifications for audit documentation and working papers

Optional Sections

1. Foreign Currency Transactions: Additional procedures for entities with significant foreign currency payables

2. Related Party Transactions: Special procedures for reviewing and testing related party payables

3. Electronic Payment Systems: Specific procedures for entities using electronic payment systems

4. Industry-Specific Procedures: Additional procedures based on specific industry requirements

5. Group Company Transactions: Procedures for companies with intercompany payables

6. Special Purpose Vehicle Testing: Additional procedures for SPVs or specific corporate structures

Suggested Schedules

1. Appendix A - Audit Sampling Guidelines: Detailed guidance on sampling methodologies for different tests

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

3. Appendix C - Vendor Confirmation Template: Standard template for vendor balance confirmations

4. Appendix D - Analytical Procedures Worksheets: Templates for performing and documenting analytical procedures

5. Appendix E - Compliance Checklist: Checklist for statutory compliance requirements

6. Appendix F - Risk Assessment Matrix: Template for documenting risk assessment

7. Appendix G - Exception Reporting Template: Standard format for reporting exceptions and findings

8. Appendix H - Working Paper Templates: Standard working paper formats for different testing procedures

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Accounts Payable
Audit Evidence
Audit Procedures
Audit Risk
Audit Working Papers
Authorization Matrix
Control Risk
Credit Terms
Cut-off Date
Detection Risk
Due Diligence
Electronic Fund Transfer
Exception Report
FIFO
Financial Year
GST Input Credit
Inherent Risk
Internal Control
Materiality
Payment Terms
Purchase Order
Reconciliation
Related Party
Sampling
Scope of Audit
Segregation of Duties
Substantive Testing
Supporting Documentation
TDS (Tax Deducted at Source)
Test of Controls
Three-Way Match
Trade Creditors
Trial Balance
Vendor Master File
Walkthrough Testing
Clauses
Scope and Objectives
Authority and Responsibilities
Risk Assessment
Internal Control Evaluation
Compliance Requirements
Documentation Standards
Sampling Methodology
Substantive Testing
Analytical Procedures
Payment Processing
Vendor Management
GST Compliance
TDS Compliance
Foreign Exchange Transactions
Related Party Transactions
Cut-off Procedures
Exception Handling
Reporting Requirements
Quality Control
Data Privacy and Security
Record Retention
Professional Standards
Independence Requirements
Confidentiality
Review and Approval
Communication Protocols
Timeline and Deadlines
Resource Allocation
Technology and Systems
Fraud Prevention
Relevant Industries

Manufacturing

Retail

Technology

Financial Services

Healthcare

Construction

Energy

Telecommunications

Professional Services

Education

Logistics

Real Estate

Hospitality

Mining

Agriculture

Relevant Teams

Internal Audit

External Audit

Finance

Accounts Payable

Treasury

Procurement

Risk Management

Compliance

Financial Control

Corporate Governance

Relevant Roles

Internal Auditor

External Auditor

Finance Manager

Accounts Payable Manager

Financial Controller

Chief Financial Officer

Audit Partner

Compliance Manager

Finance Director

Treasury Manager

Risk Manager

Accounts Payable Supervisor

Senior Accountant

Internal Control Specialist

Procurement Manager

Industries
Companies Act, 2013: Primary legislation governing corporate entities in India, including requirements for maintenance of books of accounts, financial statements, and internal controls
Income Tax Act, 1961: Governs tax obligations, TDS (Tax Deducted at Source) requirements on payments, and documentation requirements for expense claims
Central Goods and Services Tax Act, 2017: Regulates GST compliance, input tax credits, and invoice requirements for domestic transactions
Indian Accounting Standards (Ind AS): Provides framework for recognition, measurement, presentation and disclosure of financial transactions including payables
Foreign Exchange Management Act (FEMA), 1999: Regulates foreign exchange transactions and cross-border payments
Prevention of Money Laundering Act, 2002: Ensures compliance with anti-money laundering regulations in payment processes
Information Technology Act, 2000: Governs electronic records and digital signatures in financial transactions and documentation
The Integrated Goods and Services Tax Act, 2017: Governs inter-state transactions and import of services affecting accounts payable
ICAI Auditing Standards: Professional standards issued by the Institute of Chartered Accountants of India for conducting audits
Payment and Settlement Systems Act, 2007: Regulates payment systems and electronic fund transfers in India
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

Find the exact document you need

Audit SOP

Standard Operating Procedure for conducting audits in compliance with Indian regulatory requirements and professional standards.

find out more

Procurement Internal Audit

An internal audit document for evaluating procurement processes and controls in organizations operating under Indian jurisdiction and regulatory framework.

find out more

Audit Program For Accounts Payable

A structured audit program for examining accounts payable processes and controls, designed in compliance with Indian regulatory requirements and accounting standards.

find out more

Supplier Audit SOP

A comprehensive SOP for conducting supplier audits in accordance with Indian regulations and international best practices.

find out more

Planning Analytics Audit

An Indian law-governed agreement for conducting professional audits of planning analytics systems and processes, aligned with ICAI standards and IT regulations.

find out more

Audit Program And Audit Plan

A structured audit planning document compliant with Indian regulatory requirements that outlines the strategy, methodology, and procedures for conducting an audit engagement.

find out more

Surprise Cash Count Audit Report

An Indian regulatory-compliant document recording the results of an unannounced cash verification process, including findings and recommendations.

find out more

Substantive Audit

An Indian law-governed agreement for conducting substantive audit services, outlining audit scope, methodology, and compliance requirements under Indian regulatory frameworks.

find out more

Substantive Analytics Audit

An Indian law-compliant agreement for conducting substantive analytics audits, covering audit methodology, data handling, and compliance requirements.

find out more

SOP Compliance Audit

A formal document for conducting SOP compliance audits under Indian regulatory framework, ensuring adherence to local legislation and industry standards.

find out more

Revenue Audit Manual

A comprehensive guide for conducting revenue audits in India, aligned with CAG regulations and national financial legislation.

find out more

Internal Audit Test Of Controls

A comprehensive internal audit control testing framework compliant with Indian regulatory requirements and international audit standards.

find out more

Internal Audit Substantive Testing

An internal audit substantive testing framework aligned with Indian regulatory requirements and ICAI guidelines, providing structured testing procedures for comprehensive internal audits.

find out more

Internal Audit Policy Manual

A comprehensive internal audit policy manual aligned with Indian regulatory requirements and professional standards, establishing guidelines for internal audit functions.

find out more

Financial Analytical Review

A comprehensive financial analysis document prepared under Indian jurisdiction, providing detailed assessment of company finances and strategic recommendations in compliance with local regulations.

find out more

External Confirmation Audit

A standardized audit document used in India for obtaining third-party verification of client information, following SA 505 and ICAI guidelines.

find out more

External Audit Manual

A comprehensive manual for conducting external audits in compliance with Indian regulatory requirements and professional standards.

find out more

Compliance Audit Manual

A comprehensive manual for conducting compliance audits under Indian regulatory framework, providing detailed procedures and guidelines for audit execution and reporting.

find out more

Checking Vouching And Audit Report

A comprehensive audit report documenting the examination of financial records and internal controls under Indian regulatory requirements.

find out more

Audit Test Plan

A structured plan detailing audit methodology and procedures in compliance with Indian regulatory requirements and ICAI standards.

find out more

Audit Test Of Details

An Indian-compliant audit testing template for documenting detailed examination of financial statement assertions under ICAI standards.

find out more

Audit Of Petty Cash

An audit document for evaluating petty cash management systems and controls in organizations under Indian jurisdiction, ensuring compliance with local regulations and accounting standards.

find out more

Audit Of Inventory And Warehousing Cycle

An Indian law-governed agreement for professional audit services covering inventory and warehousing operations, including verification procedures and compliance requirements.

find out more

Audit Of Cash And Bank Balances

An Indian-compliant audit document for verifying and reporting on an organization's cash and bank balances, following ICAI standards and RBI guidelines.

find out more

Audit Assertions For Payroll

A framework document for payroll audit assertions and compliance requirements under Indian jurisdiction, ensuring comprehensive payroll process verification.

find out more

Audit Assertions For Cash

A standardized audit document for verifying cash-related assertions and procedures under Indian accounting and regulatory framework.

find out more

Analytical Test Audit

An Indian law-governed agreement for analytical testing and auditing services, establishing testing procedures and quality control requirements.

find out more

Cash Verification In Bank Audit

A formal audit document for verifying physical cash holdings in Indian banks, governed by RBI guidelines and Banking Regulation Act, ensuring regulatory compliance and operational integrity.

find out more

Cash Count Audit Report

An Indian regulatory-compliant document that verifies and records physical cash holdings against recorded balances, including detailed count results and certifications.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.