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Author Question: A substantive test of transactions for acquisitions that would be used to provide evidence regarding ... (Read 79 times)

Adc3669

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on: Aug 21, 2022

Question 1

A key internal control over the acquisition cycle is to ensure that the company requires recording transactions as soon as possible after the goods and services have been received. This satisfies the transaction-related audit objective of
◦ accuracy.
◦ completeness.
◦ timing.
◦ occurrence.

Question 2

A substantive test of transactions for acquisitions that would be used to provide evidence regarding the occurrence assertion would be to
◦ compare the classification with the chart of accounts by referring to vendors' invoices.
◦ recompute the clerical accuracy on the vendors' invoices.
◦ review the acquisitions journal for large or unusual amounts.
◦ trace from a file of receiving reports to the acquisition journal.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by Adc3669 on Aug 21, 2022

char00char

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Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Adc3669

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Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)

matt95

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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