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Conflict in the Workplace

In: Business and Management

Submitted By Madonsela10
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Chapter 7 Audit of the Purchases and Payment Cycle

1. Objectives

1.1 To describe the documents and records that are usually found in the purchases and payment cycle.
1.2 To state the general audit procedures for the test of internal controls of this cycle.
1.3 To mention the substantive tests used for the trade creditors.

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2. Documents and Records

2.1 Purchase requisition (請購單) – a form detailing the request for goods or services by an authorized employee of the user department and it is then passed from the user department to the purchase department. For example, order of materials by a factory/storeroom supervisor.

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2.2 Purchase order (訂購單) – a document from a company to the supplier recording the description, quantity and amount of the goods or services ordered and it should be properly authorized by the company.

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2.3 Goods received note (收貨單) – a document prepared by the supervisor of the storeroom/receiving department at the time the goods are received. It shows the description, quantity, condition and date of the goods received.

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2.4 Purchase invoice – a document received from vendor which indicates the date, description, quantity and the total amount of goods and services the company has received.
2.5 Purchase journal and ledgers (a) A journal (day book) for recording the purchases of goods or services. (b) Vendors’ accounts in the purchase ledger will also be updated with the remittance advice/receipts when payments are made to vendors.
2.6 Payment voucher – an internally generated document that establishes a formal means of recording and controlling cash disbursements. It is usually accompanies with purchase invoice, goods received note and/or purchase order when approval for payment is sought.

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2.7 Cheque/Electronic transfer – the means of paying the vendors when the payments…...

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