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Auditing A Risk Based Approach
Quiz 11: Auditing Inventory, Goods and Services, and Accounts Payable: the Acquisition and Payment Cycle
A major control benefit of a centralized purchasing department is the segregation of the authorization function from the custody and recording functions.
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A networked software system linking a company's information system to vendors whose offerings and prices have been preapproved by appropriate management is called an automated purchasing system.
A purchase order identifies the quantity and description of products that have been received.
For proper control, the receiving department should receive a copy of the purchase order that has the quantities blanked out.
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