Part E Acquisitions Substantive Tests of Transactions| | | | TRANSACTION-RELATED AUDIT OBJECTIVES| SUBSTANTIVE AUDIT PROCEDURES| Occurrence| * Compare prices on vendor invoices with approved price limits established by management. * Review the acquisitions journal, general ledger, and accounts payable master file for large or unusual amounts. | Completeness| * Trace a sample of receiving reports to the acquisitions journal. * Trace from a file of vendors’ invoices to the acquisitions journal. Trace from additions in perpetual inventory records to recorded acquisitions. | Accuracy| * Compare amounts for entries in acquisitions journal to related vendors’ invoices, purchase orders and receiving reports.
* Recompute information on vendor invoices. * Compare prices on vendor invoices with approved price limits established by management. | Posting and Summarization| * Trace individual entries in accounts payable master file to acquisitions journal. | Classification| * Examine vendors’ invoices for proper classification. Compare classification with chart of accounts by reference to vendors’ invoices. | Timing| * Compare dates of receiving reports and vendors’ invoices with dates in the acquisitions journal. | Part F.
Cash Disbursements Substantive Tests of Transactions| TRANSACTION-RELATED AUDIT OBJECTIVES| SUBSTANTIVE AUDIT PROCEDURES| Occurrence| * Trace cancelled check numbers in the cash disbursements journal to related cancelled checks and examine for payee, name, and amount. Examine cancelled check for authorized signature, proper endorsement, and cancellation by the bank. * Review the cash disbursements journal, general ledger, and accounts payable master file for large or unusual amounts. * Trace cancelled check to the related acquisitions journal entry and examine for payee name and amount. | Completeness| * Trace entries in acquisitions journal to subsequent payment in cash disbursements journal. Accuracy| * Compare cancelled checks with the related acquisitions journal and cash disbursements journal entries. * Recompute cash discounts.
| Posting and Summarization| * Trace individual entries in accounts payable master file to cash disbursements journal. | Classification| * Compare classification with chart of accounts by reference to vendors’ invoices and acquisitions journal. | Timing| * Compare dates on cancelled checks with cash disbursements journal. * Compare dates on cancelled checks with the bank cancellation date. |
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more