Page 76 - Demo

جميع الحقوق محفوظة ـ اإلعتداء عىل حق املؤلف 76 بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونيةFirst: Business functions in Acquisition and payment cycles and the related documents:For each transaction the auditor should determine and understand Affected Accounts Related business function Related DocumentsAccounts Business Function Documents and RecordsAcquisitions Inventory (Purchases)  PPE  Prepaid expenses  A/P  Expenses 1) Processing purchase order 2) Receiving goods and services 3) Recognizing the liability Purchase requisition Purchase order Receiving report Vendor`s invoice Debit memo Acquisition transaction file Acquisition Journal or listing A/P master file A/P trial balance. Cash Disbursements Cash  A/P  Purchase discounts  Purchase R&A 4) Processing and recording cash disbursements Checks Cash disbursement transaction file Cash disbursement Journal or listing 1. Processing Purchase orders:The request for goods or services by the client’s personnel is the starting point for the cycle. Common documents include: Auditing Acquisition and Payment Cycle