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Bac2664auditing l9 Purchase Cycle

Bac2664auditing l9 Purchase Cycle

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Published by: sueern on Jun 15, 2009
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AUDITINGBAC2664 (New), BAC2287(Old)
Topic 8, Lecture 9Audit of the Acquisition andPayment Cycle
Audit of Acquisition and PaymentCycle
System cycle and internal controlObjective of audit on purchase and accountpayableTests of controls system and internal controlTest on real transactionsSubstantive tests of transactions and accountpayableBalance confirmation on creditors and accruedliabilities
Overview of the purchase cycle
Purchases and cash payments cycle covers the purchase of rawmaterials and consumables on credit, payments to creditors,purchase returns and discount received.Two classes of transactions (credit purchases and cash payments) areprocessed by the accounting system in a different manner.Internal controls are applied to ensure:6Complete processing of transactions;7Transactions are processed accurately; and8Only valid transactions are processed.(Refer to transactions and credit purchases cycle diagram)

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