Accounts Receivable and Acquisitions Journal

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. |

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