Author Question: With respect to a small company's system of purchasing supplies, an auditor's primary concern should ... (Read 36 times)

Deej · **on:** Aug 21, 2022

Question 1

Which one of the following duties should not be assigned to the purchasing department?
◦ finding the lowest cost vendor
◦ reviewing vendors' catalog descriptions and prices for standardized items
◦ designing the purchase order form
◦ authorizing the acquisition of goods

Question 2

With respect to a small company's system of purchasing supplies, an auditor's primary concern should be to obtain satisfaction that supplies ordered and paid for have been
◦ requested by and approved by the same individual.
◦ used in the course of business and solely for business purposes during the year under audit.
◦ received, counted, and checked to quantities and amounts on purchase orders and invoices.
◦ properly recorded as assets and systematically amortized over the estimated useful life of the supplies.

hvhf4k+549qz8f218jyo@shar · **Reply #1 on:** Aug 21, 2022

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