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Heybonita Heybonita
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A year ago
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.
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
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lingo94lingo94
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A year ago
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Heybonita Author
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Helped a lot
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Smart ... Thanks!
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