Page 94 - Auditinf Electronic System

Auditing Acquisition and Payment Cycle

First: Business functions in and the related documents:

Acquisition& payment Inventory & warehouse Sales and
Collection

cycle

1. Processing Purchase orders (related to acquisition and payment cycle):

Adequate controls over purchasing must be maintained whether inventory

purchases are for raw materials for a manufacturer or finished goods for a

retailer. Purchase

a) purchase requisition: is used to request
b) purchase order: is a document used to order raw material. It includes the

description, quantity, and related information.

2. Receiving Raw Material: (related to acquisition and payment cycle) :
Receipt of the ordered materials, which is also part of the acquisition and payment
cycle, involves the inspection of material received for quantity and quality

a) Receiving report: is a paper or electronic document prepared at the time raw
materials are received. It includes a description of the type, the quantity
received, the date received, and other relevant data.

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‫جميع الحقوق محفوظة ـ الإعتداء على حق المؤلف بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونية‬