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Chap011 - Chapter 11 Auditing the Purchasing Process...

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Chapter 11 - Auditing the Purchasing Process Chapter 11 Auditing the Purchasing Process Learning Objectives Review Questions Multiple- Choice Questions Problems Discussion Cases Internet Assignments/ ACL Problems LO 1: Understand why knowledge of an entity’s expense and liability recognition policies is important to the audit. 1 33 LO 2: Understand the purchasing process. 2 13,14,15 25,26 32 LO 3: Know the types of transactions in the purchasing process and the financial statement accounts affected. 2 32 LO 4: Be familiar with the types of documents and records used in the purchasing process. 3 13,14,15, 19 25 32 LO 5: Understand the functions in the purchasing process. 4 16,17,18 25,26 32 LO 6: Know the appropriate segregation of duties for the purchasing process. 4 16,17,18 25,26 LO 7: Understand the inherent risks relevant to the purchasing process and related accounts. 5 LO 8: Know how to assess control risk for a purchasing process. ACL LO 9: Know the key internal controls and develop relevant tests of controls for purchasing, cash disbursements, and purchase return transactions. 6,7 13,14,15, 16,17,18, 19,20,21 25,26 LO 10: Relate the assessment of control risk to substantive testing. LO 11: Know the substantive analytical procedures used to audit accounts payable and accrued expenses. 8 24,27,28 LO 12: Know the tests of details of transactions used to audit accounts payable and accrued expenses. 27,28,30 LO 13: Know the tests of details of account balances and disclosures used to audit accounts payable and accrued expenses. 9,10 19,20,21, 22 27,28,29, 30 31 LO 14: Understand how confirmations are used to obtain evidence about accounts payable. 11 23 28,29 31 LO 15: Evaluate the audit findings and reach a final conclusion on accounts payable and accrued expenses. LO 16: Understand how to audit the tax provision and related balance sheet accounts. 12 11-1
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Chapter 11 - Auditing the Purchasing Process END OF CHAPTER MATERIALS COMPARISION CHART Number in 7 th edition Compariso n Number in 6 th edition 11-1 Unchanged 11-1 11-2 Unchanged 11-2 11-3 Unchanged 11-3 11-4 Unchanged 11-4 11-5 Unchanged 11-5 11-6 Unchanged 11-6 11-7 Unchanged 11-7 11-8 Unchanged 11-8 11-9 Unchanged 11-9 11-10 Unchanged 11-10 11-11 Unchanged 11-11 11-12 New 11-13 Unchanged 11-12 11-14 Revised 11-13 11-15 Unchanged 11-14 11-16 Unchanged 11-15 11-17 Unchanged 11-16 11-18 Unchanged 11-17 11-19 Unchanged 11-18 11-20 Unchanged 11-19 11-21 Unchanged 11-20 11-22 Unchanged 11-21 11-23 Unchanged 11-22 11-24 Replaced 11-23 11-25 Unchanged 11-24 11-26 Unchanged 11-25 11-27 New 11-28 Unchanged 11-26 11-29 Revised 11-27 11-30 Replaced 11-28 11-31 Unchanged 11-29 11-32 Unchanged 11-30 11-33 Unchanged 11-31 11-2
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Chapter 11 - Auditing the Purchasing Process Chapter 11 covers the purchasing process and related accounts. It focuses on the purchase of and payment for goods and services from outside vendors. It provides another opportunity for the students to apply the concepts learned in the earlier chapters. The chapter begins by reviewing expense and liability recognition concepts. The remainder of the chapter follows the audit risk model to present the audit of the purchasing process and related accounts.
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