When reviewing the controls and procedures in the acquisition and payment cycle,
◦ companies cannot record the liability for the acquisition until the invoice is received from the vendor.
◦ the purchasing department has the responsibility for verifying for appropriateness of the acquisition.
◦ personnel who record the acquisitions should not have access to cash or other assets.
◦ the accounts payable department should account for all receiving reports to assure that the occurrence objective is satisfied.