18 Auditing and Assurance Services latest update

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18 Auditing and Assurance Services
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latest update 2024-2025
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There i illare i illthree i illclasses i illof i illtransactions i illincluded i illin i illthe i illcycle: i ill- i ill-
Acquisitions i illof i illgoods i illand i illservices i
-Cash i illdisbursements i
-Purchase i illreturns i illand i illallowances i illand i illpurchase i illdiscounts i
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There i illare i illfour i illbusiness i illfunctions i illin i illthe i illacquisition i illand i illpayment i illcycle: i ill- i
ill(1) i illProcessing i illpurchase i illorders i ill- i illrequisition i illand i illpurchase i illorder i

(2) llReceiving i illgoods i illand i illservices i ill- i illreceiving i illreport i
(3) llRecognizing i illthe i illliability i
(4) llProcessing i illand i illrecording i illcash i illdisbursements i
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Processing i illpurchase i illorders i ill- i illIncludes i illa i illpurchase i illrequisition i illwhich i illis i illused
i illto i illrequest i illauthorization i illfor i illgoods i illor i illservices i illand i illa i illpurchase i illorder i

illwhich i illis i illused i illfor i illthe i illorder i illafter i illit i illhas i illbeen i illauthorized. i
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Recognizing i illthe i illliability i ill- i illProper i illrecognition i illrequires i illprompt i illand i illaccurate i
illrecording. i ill i
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Documents i illthat i illmay i illbe i illinvolved: i
Vendor's i illInvoice i
Debit i illMemo i
Voucher i
Acquisitions i illTransaction i illFile i
Acquisitions i illJournal i illor i illListing i
Accounts i illPayable i illMaster i illFile i
Accounts i illPayable i illTrial i illBalance i
Vendor's i illStatement i
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Processing i illand i illrecording i illcash i illdisbursements i ill- i illDocuments i illthat i illauditors i
illexamine i illassociated i illwith i illthis i illactivity: i

Check i
Cash i illDisbursements i illTransaction i illFile i
Cash i illDisbursements i illJournal i illor i illListing i
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The i illmost i illtime-consuming i illaccounts i illto i illverify i illby i illsubstantive i illtests i illof i illdetails i
illof i illbalances i illare: i ill- i ill-Accounts i illreceivable, i illinventory, i illfixed i illassets, i illaccounts i

illpayable, i illand i illexpense i illaccounts i
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If i illthe i illauditor i illcan i illreduce i illthe i illTDB i illby i illusing i illTOC i illand i illSTOT i illfor i
illacquisitions i illand i illcash i illdisbursements i ill= i illsave i illtime i i