Requirement b. For each control, state which transaction-related audit objective(s) is (are) applicable. Transaction-related Audit...
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Requirement b. For each control, state which transaction-related audit objective(s) is (are) applicable. Transaction-related Audit Internal Controls Objective(s) 1. Approved purchase orders are required for all acquisitions of goods. Prenumbered receiving reports are prepared as support for acquisitions and 2. numerically accounted for. Accuracy Dates on receiving reports are compared with vendors' invoices before entry into the 3. acquisitions journal. Classification Completeness 4. Account classifications are reviewed by someone other than the preparer. Occurrence 5. Vendors' invoices are recalculated before payment. Occurrence and Accuracy 6. All checks are signed by the owner or manager Occurrence and Completeness The authorized signer compares data on supporting documents with checks and Posting and summarization 7. electronic funds transfer authorizations. Presentation 8. Checks are mailed by the owner or a person under her supervision after signing. Timing All supporting documents are cancelled after checks are signed or electronic funds 9. transfers are approved. The accounts payable master file is updated, balanced, and reconciled to the general | 10. ledger monthly
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