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SeaBass2013 SeaBass2013
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Listed below are some management assertions made for the acquisition and payment cycle. For each one, give an example of how the auditor, by using the documents normally found in the process, can apply an auditing procedure to test the assertion.
 completeness
 timing
 accuracy
Textbook 

Auditing and Assurance Services


Edition: 17th
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BronosBronos
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More questions for this book are available here
(may vary based on student response)
completeness: 
Trace from a file of receiving reports to the acquisitions journal.
Trace from a file of vendors' invoices to the acquisition journal.

timing: 
Compare dates of receiving reports and vendors' invoices with dates in the acquisitions journal.

accuracy: 
Compare recorded transactions in the acquisitions journal with the vendor's invoice, receiving report, and other supporting documentation.
Recompute the clerical accuracy on the vendor's invoice, including discounts and freight.

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