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C18-TABLE 2 - Transaction-Related Common Substantive Audit...

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Transaction-Related Audit Objectives Recorded acquisitions are for goods and services received, consistent with the best interests of the client (occurrence). Existing acquisition transactions are recorded (completeness). Recorded acquisition transactions are accurate (accuracy). AcquiSition transactions are correctly included in the accounts payable and inventory master files and are correctly summarized (posting and summarization). Acquisition transactions are correctly classified (classification). Acquisition transactions are recorded on the correct dates (timing). Key Internal Controls Purchase requisition, purchase order, receiving report, and vendor's invoice are attached to the voucher.* Acquisitions are approved at the proper level. Computer accepts entry of purchases only from authorized vendors in the vendor master file. Documents are cancelled to prevent their reuse. Vendors' invoices, receiving reports, purchase orders, and purchase requisitions are internally verified. * Purchase orders are pre- numbered and accounted for.
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