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

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

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

Edition: 17^th

Authors: Arens, Elder, Beasley, Hogan

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