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Activities and information processing related to:

Purchasing and Payment (Disbursement)

1. 2. 3. 4.

Ordering materials, supplies, and services Receiving materials, supplies, and services Approving supplier invoices Cash disbursements

DOCUMENTS Purchase requisition


A prenumbered document that originates in the inventory stockroom or an operating dept. and indicates that goods should be ordered.

AUDIT SIGNIFICANCE
Provides evidence that the purchasing department was authorized to initiate a purchase

DOCUMENTS Purchase Order


A prenumbered document recording the description, quantity, and related information for goods and services the company intends to purchase.

AUDIT SIGNIFICANCE
Contains the signature of the employee who authorized a purchase from a vendor.

DOCUMENTS Receiving Report


A prenumbered document prepared at the time tangible goods are received that indicates the description of goods, quantity received, the date received, and other relevant data.

AUDIT SIGNIFICANCE
Provides evidence that the goods were received

DOCUMENTS Vendors Invoice


A document that indicates the description and quantity of goods and services received, price, including freight, cash discount terms, and date of the billing

AUDIT SIGNIFICANCE
Provides evidence about a purchase of goods or services

DOCUMENTS Debit Memo


A prenumbered document indicating a reduction in the amount owed to a vendor because of returned goods or an allowance granted.

AUDIT SIGNIFICANCE
Provides evidence about a purchase of goods or services

DOCUMENTS Voucher
A prenumbered document to establish a formal means of recording and controlling acquisitions prepared by a payables clerk for each payment.

AUDIT SIGNIFICANCE
Provides documentation for the recording of a transaction.

DOCUMENTS Check
A prenumbered document written authorization to a bank to transfer funds to the payee.

AUDIT SIGNIFICANCE
Provides evidence about payments that an entity has made, such as date, payee, and amount.

DOCUMENTS Vendors Statement


A statement prepared monthly by the vendor indicating the beginning balance, acquisitions, returns and allowances, payments to the vendor, and ending balance.

AUDIT SIGNIFICANCE
Can be used to determine that all transactions recorded on the statements have been recorded in the books.

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Inaccurate inventory records Purchasing items not needed Purchasing at inflated prices Purchasing goods of inferior quality Unreliable suppliers Purchasing from unauthorized suppliers Kickbacks

1. Perpetual inventory system 2. Bar coding or RFID tags 3. Periodic physical counts of inventory 4. Review and approval of purchase requisitions 5. Centralized purchasing function 6. Price lists 7. Competitive bidding 8. Review of purchase orders 9. Budgets 10. Purchasing only from approved suppliers

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7. 8. 9.

Review and approval of purchases from new suppliers Holding purchasing managers responsible for rework and scrap costs Tracking and monitoring product quality by supplier Requiring suppliers to possess quality certification (e.g., ISO 9000) Collecting and monitoring supplier delivery performance data Maintaining a list of approved suppliers and configuring the system to permit purchase orders only to approved suppliers Review and approval of purchases from new suppliers Requiring purchasing agents to disclose financial and personal interests in suppliers Job rotation and mandatory vacations

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Accepting unordered items Mistakes in counting Verifying receipt of services Theft of inventory

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4. 5. 6. 7.

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Requiring existence of approved purchase order prior to accepting any delivery Do not inform receiving employees about quantity ordered Require receiving employees to sign receiving report Incentives Document transfer of goods to inventory Use of bar-codes and RFID tags Configuration of the ERP system to flag discrepancies between received and ordered quantities that exceed tolerance threshold for investigation Segregation of duties: custody of inventory versus receiving

1. Budgetary controls 2. Audits 3. Restriction of physical access to inventory 4. Documentation of all transfers of inventory between receiving and inventory employees 5. Periodic physical counts of inventory and reconciliation to recorded quantities

1. Non-Voucher
Each approved invoice is posted to individual supplier records in the accounts payable file and is then stored in an openinvoice file. When a check is written to pay for an invoice, the voucher package is removed from the open-invoice file, the invoice is marked paid, and then the voucher package is stored in the paid-invoice file.

2. Voucher
Disbursement voucher is also created when a supplier invoice is approved for payment.
Identifies the supplier, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances.

1. Reduce number of checks 2. Can utilize pre-sequential-numbered voucher control 3. Allows for separation of invoice approval from invoice payment

Filing of invoices by due date for discounts Cash flow budgets Requiring that all supplier invoices be matched to supporting documents that are acknowledged by both receiving and inventory control Budgets (for services) Requiring receipts for travel expenses Use of corporate credit cards for travel expenses Requiring a complete voucher package for all payments Policy to pay only from original copies of supplier invoices Cancellation of all supporting documents when payment is made

Physical security of blank checks and check-signing machine Periodic accounting of all sequentially numbered checks by cashier Access controls to EFT terminals Use of dedicated computer and browser for online banking ACH blocks on accounts not used for payments Separation of check-writing function from accounts payable Requiring dual signatures on checks greater than a specific amount Regular reconciliation of bank account with recorded amounts by someone independent of cash disbursements procedures

Restriction of access to supplier master file Limiting the number of employees with ability to create onetime suppliers and to process invoices from one-time suppliers Running petty cash as an imprest fund Surprise audits of petty cash fund Check protection machines Use of special inks and papers Cash flow budget

Failure to take advantage of discounts for prompt payment Paying for items not received Duplicate payments Theft of cash Check alteration Cash flow problems

Existence or Occurrence Completeness Rights and obligations Valuation or allocation Presentation and disclosure

Controls 1. Authorized individual signs and mails promptly the checks after reviewing documentation. A review should be made by a person not responsible for handling disbursements to determine that checks are processed on a timely basis. Checks should be prenumbered and accounted for to ensure that all checks that were written are entered in the check register. An employee who does not handle cash disbursements and cash receipts prepares the bank reconciliation.

Test of Controls The auditor may inquire of the check signer and employees who work with him or her about whether this procedure is being followed. The auditor may inquire about whether this procedure is being followed or may examine the outstanding check list to determine that checks are being processed promptly. To test this control, the auditor should observe whether the employee who prepares and check register accounts for the sequence of the checks.

Existence or Occurrence

2.

3.

Completeness

4.

The auditor observes that the employee who prepares the reconciliation does not handle cash receipts or disbursement. In addition, the auditor inspects the reconciliation.

5.

Rights and Obligations

Check signer who is The auditor tests this control by inquiring about independent of voucher the segregation of duties and observing preparation should examine whether separation really exists. He/she the supporting can also inquire about the check signers documentation before procedures for reviewing documents in signing checks to determine support of cash disbursement and may that the payment is for an observe the check signer performing these obligation of the entity. procedures.
Amounts and calculations To test this control, the auditor should observe on vendors invoices are the procedure. He/she can examine independently verified. signatures on paid vouchers. Employee signs the voucher after verification is done. Chart of accounts The auditor can test this control by observing adequately describes the procedures. He can also examine the accounts to be used, and signatures of the employees performing account coding is assigned the review account coding. by one person and checked by another.

6.

Valuation or Allocation
7.

Presentation and Disclosure

Control Weakness 1. Documentation of cash disbursements is inadequate or incomplete. Payments are not always based on approved vouchers. Access to disbursement checks is not limited and responsibility not fixed. Disbursement checks mailed to vendors by personnel Checks signed in advance. Documents not effectively canceled upon payment of vendors invoices.

Possible Errors Unauthorized disbursements.

2. 3.

Errors in recording cash disbursements. Unauthorized disbursements.

4. 5. 6.

Unauthorized disbursements. Unauthorized disbursements. Unauthorized disbursements.

Assertions 1. Existence or Occurrence 2. Completeness

Audit objectives
To determine that recorded cash disbursements occurred.

Audit Procedures
Examine paid checks for appropriate endorsements. Examine documents underlying payments. Reconcile cash disbursements per books with cash disbursements per the bank. Prepare or test bank reconciliation. Examine underlying documents.

To determine that all cash disbursements made are recorded. To determine that all cash disbursements made were the entitys obligations.

3. Rights and obligations

4. Valuation or Allocation
5. Presentation and Disclosure

To determine that debits to various accounts and credits to cash


To determine that cash disbursements transactions are recorded to result in presentation and disclosure in accordance with PAS/PFRS

Recalculate invoices paid.


Check accuracy of accounts on invoices by reference to chart of accounts.

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