Purchases (PurchasesPurchases
& Payment(Purchases
Cycle) –
Purchases
&Internal
Payment Controls,
(Purchases
Cycle) –
Audit
&Internal
Payment
Procedures
Controls,
Cycle)
& Accounting
–
Audit
Internal
Procedures
Study
Controls,
Guide.pdf
& Accounting
Audit Procedures
Study Guide.pdf
& Accounting Study Guide.pdf
Purchases (Purchases & Payment
Cycle) – Internal Controls, Audit
Procedures & Accounting Study Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Purchases (PurchasesPurchases
& Payment(Purchases
Cycle) –
Purchases
&Internal
Payment Controls,
(Purchases
Cycle) –
Audit
&Internal
Payment
Procedures
Controls,
Cycle)
& Accounting
–
Audit
Internal
Procedures
Study
Controls,
Guide.pdf
& Accounting
Audit Procedures
Study Guide.pdf
& Accounting Study Guide.pdf
, Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf
Terms in this set (14)
Transaction types and functions -initiate, execute: Place an order
-Process, record: Receiving of goods
-Initiate, execute, record, process: Recording Returns
Risks Placing an order 1. Order goods for private use - validity and authorisation
2. Order incorrect goods or goods that are not required - validity
3. Order not placed for most favourable conditions or in a timely manner -
business control
4. Order from fictitious supplier or supplier that does not meet the entities
needs - validty and authorisation
5. All orders are not supported by an approved and signed purchase
requisition - validity
6. The quality quantity and description of the inventory on the purchase
order does not match the purchase requisition - accuracy
Risk - Receiving of goods 1. All orders placed are not received - completeness
2. Receive quantities or type of goods not ordered - accuracy and validity
3. Receive poor quality / damaged / defective goods - validity
Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf
& Payment(Purchases
Cycle) –
Purchases
&Internal
Payment Controls,
(Purchases
Cycle) –
Audit
&Internal
Payment
Procedures
Controls,
Cycle)
& Accounting
–
Audit
Internal
Procedures
Study
Controls,
Guide.pdf
& Accounting
Audit Procedures
Study Guide.pdf
& Accounting Study Guide.pdf
Purchases (Purchases & Payment
Cycle) – Internal Controls, Audit
Procedures & Accounting Study Guide
Guidehttps://www.stuvia.com/dashboard!@_)#*)(@$)($@*($@)($@*_
Purchases (PurchasesPurchases
& Payment(Purchases
Cycle) –
Purchases
&Internal
Payment Controls,
(Purchases
Cycle) –
Audit
&Internal
Payment
Procedures
Controls,
Cycle)
& Accounting
–
Audit
Internal
Procedures
Study
Controls,
Guide.pdf
& Accounting
Audit Procedures
Study Guide.pdf
& Accounting Study Guide.pdf
, Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf
Terms in this set (14)
Transaction types and functions -initiate, execute: Place an order
-Process, record: Receiving of goods
-Initiate, execute, record, process: Recording Returns
Risks Placing an order 1. Order goods for private use - validity and authorisation
2. Order incorrect goods or goods that are not required - validity
3. Order not placed for most favourable conditions or in a timely manner -
business control
4. Order from fictitious supplier or supplier that does not meet the entities
needs - validty and authorisation
5. All orders are not supported by an approved and signed purchase
requisition - validity
6. The quality quantity and description of the inventory on the purchase
order does not match the purchase requisition - accuracy
Risk - Receiving of goods 1. All orders placed are not received - completeness
2. Receive quantities or type of goods not ordered - accuracy and validity
3. Receive poor quality / damaged / defective goods - validity
Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf Purchases (Purchases and Payment Cycle).pdf
