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aue202-audit_credit_purcharses[1] - Internal Controls over...

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Internal Controls over CREDIT PURCHASES Authority for purchasing should be invested in certain employees or a purchasing department ORDER Orders should be numbered consecutively and all orders should be accounted for. Segregation of duties between personnel responsible for Ordering the goods Receiving and storage of goods Checking of invoices against orders, delivery notes and goods received notes A stationery register should be maintained by an independent person to exercise control over the issues of unused order books and goods received books A record of goods received should be maintained Invoices should be checked against appropriate delivery notes, good received notes and orders, and stamped and initialed as having being checked by the responsible person before the transactions is entered into the purchases journal A record must be kept of invoices in dispute and of goods returned to suppliers
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Substantive Procedures of TRADE PAYABLES Payments Journal
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