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:
A) requested by and approved by authorized individuals who have no incompatible duties.
B) used in the course of business and solely for business purposes during the year under audit.
C) received, counted, and checked to quantities and amounts on purchase orders and invoices.
D) properly recorded as assets and systematically amortized over the estimated useful life of the supplies.

Question

Quizplus · Accepted Answer

The auditor's primary concern is to ensure that supplies ordered and paid for have been received, counted, and checked against purchase orders and invoices to verify that the company actually received what it paid for.

With Respect to a Small Company's System of Purchasing Supplies