Segregation of duties--purchases and disbursements
Approval of purchase orders
Numerical control of purchase orders and receiving reports
Matching of details of vendors’ invoices to purchase orders and receiving documents
Approval of vendors’ invoices
Pre-numbered checks
Reconciliation of details of individual disbursements to controlling accounts
Reconciliation of vendors’ statements to accounts
Reconciliation of bank accounts
Use of budgets and analysis of variances
Use of chart of accounts and review of account coding
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Accounts Payable and Other LiabilitiesChapter 14Controls Over the Acquisition CycleSegregation of duties--purchases and disbursementsApproval of purchase ordersNumerical control of purchase orders and receiving reportsMatching of details of vendors’ invoices to purchase orders and receiving documentsApproval of vendors’ invoicesPre-numbered checksReconciliation of details of individual disbursements to controlling accountsReconciliation of vendors’ statements to accountsReconciliation of bank accountsUse of budgets and analysis of variancesUse of chart of accounts and review of account coding2Acquisition Cycle--Documents Purchase orderReceiving reportVendor’s invoiceVendor’s statement34Objectives for the Audit Accounts Payable and PurchasesConsider inherent risks, including fraud risksConsider internal control over accounts payables and purchasesSubstantiate the existence of recorded accounts payable and occurrence of purchasesEstablish the completeness of accounts payable and purchase transactionsDetermine that the client has obligations to pay the recorded accounts payableDetermine that the valuation of accounts payable is in accordance with GAAPDetermine that the presentation and disclosure of accounts payable and purchases are appropriate56Substantive Tests of Accounts Payable 7Contrasting Confirmation of Accounts Payable and Accounts Receivable Accounts Payable Accounts ReceivablePrimary Audit Completeness Existence Objective Other Evidence External evidence Internal evidence Available held by client (i.e.., (i.e., sales invoices, vendors’ invoices receiving reports, and statements) etc.) Confirmation Generally No Yes Required?89
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