Transaction-RelatedAuditObjectivesRecorded acquisitionsarefor goods and servicesreceived, consistent withthe best interests of theclient (occurrence).Existing acquisitiontransactions are recorded(completeness).Recorded acquisitiontransactions are accurate(accuracy).AcquiSition transactionsarecorrectly included inthe accounts payableand inventory masterfiles and are correctlysummarized (postingand summarization).Acquisition transactionsarecorrectly classified(classification).Acquisition transactionsarerecorded on the correctdates (timing).Key InternalControlsPurchase requisition, purchaseorder, receiving report,and vendor's invoice areattached to the voucher.*Acquisitions are approved atthe proper level.Computer accepts entry ofpurchases only fromauthorized vendors in thevendor master file.Documents are cancelled toprevent their reuse.Vendors' invoices, receivingreports, purchase orders,and purchase requisitionsare internally verified. *Purchase orders are pre-numbered and accounted for.
This is the end of the preview.
access the rest of the document.