How Much Does Accounts Payable Confirmation Cost in Hong Kong? (2026)
Frequently Asked Questions
Generally, 30-50% of responses are received within 2-4 weeks after dispatch. Key suppliers should be followed up by phone to expedite responses. Reminder letters can be sent if no response is received after 3 weeks. The entire confirmation process usually takes 4-8 weeks to complete, so advance planning is recommended to avoid delays in annual audit schedules.
Alternative procedures can be adopted: review purchase invoices, goods received notes, and payment records; perform subsequent transaction testing; require internal company verification. If suppliers have ceased operations or cannot be contacted, this should be documented in detail in audit working papers. For material payables, special follow-up should be considered, including direct visits or contact through legal counsel.