Page 79 - Demo

جميع الحقوق محفوظة ـ اإلعتداء عىل حق املؤلف 79 بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونيةa) Check: In most cases, individual checks are recorded in a cash disbursements transaction file. After a check is signed by an authorized person, it is an asset. Therefore, when cashed by the vendor and cleared by the client’s bank at that point it is no longer an asset, but now is a document.b) Cash Disbursements Transaction File This is a computer-generated file that includes all cash disbursements transactions processed by the accounting system for a period, such as a day, week, or month. It includes the same type of information discussed for the acquisition’s transaction file.c) Cash Disbursements Journal or Listing This is a listing or report generated fromthe cash disbursements transaction file that includes all transactions for any time period. The same transactions, including all relevant information, are included in the accounts payable master file and general ledger.Second: Designing tests of controls and substantive tests of transactions for Acquisition and payment cycles1. Tests of acquisitions, which concern three of the four business functions: processing purchase orders, receiving goods and services, and recognizing the liability 2. Tests of payments, which concern the fourth function, processing and recording cash disbursements 1. Understand internal control of sales: The auditor gains an understanding of internal control for the acquisition and payment cycle as part of performing risk assessment procedures by studying the client’s flow -charts, reviewing internal control questionnaires, and performing walkthrough tests for acquisition and cash disbursement transactions. The procedures for understanding internal control in the acquisition and payment cycle are similar to the procedures performed in other transaction cycles, as discussed in earlier chapters