acquisitions journal Archives

Examine a sample of receiving report numbers and determine whether each purchase was recorded as an account payable.

Posted on February 16, 2023 by Assessments

The following audit procedures were planned by Jack Kaguri, CPA, in the audit of the acquisition and payment cycle for DeWitt Products, Inc.: 1. Review the acquisitions journal for large and unusual transactions. 2. Examine invoices and related shipping documents included in the client’s unpaid in- voice file at the audit report date to determine […]

What follow-up procedures would you use to determine more about the nature of each exception?

Posted on February 15, 2023 by Assessments

In testing cash disbursements for the Jay Klein Company, you obtained an understanding of internal control. The controls are reasonably good, and no unusual audit problems arose in previous years. Although there are not many individuals in the accounting department, there is a reasonable separation of duties in the organization. There is a separate purchasing […]

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Tag: acquisitions journal

Examine a sample of receiving report numbers and determine whether each purchase was recorded as an account payable.

What follow-up procedures would you use to determine more about the nature of each exception?