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Heybonita Heybonita
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When reviewing the controls and procedures in the acquisition and payment cycle,

▸ companies cannot record the liability for the acquisition until the invoice is received from the vendor.

▸ the purchasing department has the responsibility for verifying for appropriateness of the acquisition.

▸ personnel who record the acquisitions should not have access to cash or other assets.

▸ the accounts payable department should account for all receiving reports to assure that the occurrence objective is satisfied.
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Auditing and Assurance Services

Auditing and Assurance Services


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lingo94lingo94
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personnel who record the acquisitions should not have access to cash or other assets.
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