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Audit of The Acquisition and Payment Cycle: TOC, STOT and A/P (Design and…
Audit of The Acquisition and Payment Cycle: TOC, STOT and A/P
Methodology for Designing TOC and STOT
Determine Extent of TOC
Design TOC and STOT for Acquisitions
Asses Planned Control RIsk
Separation of Asset Custody from Other Functions
Timely Recording and Independent Review of Transactions
Authorization of Purchases
Authorization of payments
Design TOC and STOT for Cash Disbursement
Understand Internal Control
Attributes Sampling for TOC and STOT
Design and Perform SAP (Phase III)
Methodology for Designing TDB for A/P
Set Performance Materiality (Phase I)
Assess Control Risk and Design and Perform TOC and STOT (Phase I and II)
IdentifySignificant Risk ad Assess the Risk of Material Misstatement for A/P (Phase I)
Design and Perform TDB ofA/P Balance (Phase III)
TracceReceiving Reorts Issued Befor Year-end to Related Vendors' Invoice
Trace Vendors' Statements That Show a Balance Due to the A/P Trial Balance
Examine Underlying Documentations for Bills Not Paid Several Weeks After the Year-end
Send Connfirmation to Vendors with Which the Client Does Business
Examnine Uderlying Documentation for Subsequent Cash Disbursement
Cut-off test
Out-of-Period Liability Test
Relationship of Cutoff to Physical Observation of intentory
Inventory in Transit
Reliability of Evidence
Difference between vendors' statements and confirmations
Sample size
Distinction between vendors' invoice and vendors' statement
Business Functions in The Cycke and Related Documents and Records
Receiving Goods and Services
Recognizing the Liability
Processing Purchase Orders
Processing and Recording Cash Disbursements
Account and Classes of Transactions in The Acquisiton and Payment Cycle