auditing the expenditure cycle

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6 Terms

1
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Occurrence

Objective: recorded purchases are for goods/services received, consistent with the firm’s objectives.

<p>Objective: recorded purchases are for goods/services received, consistent with the firm’s objectives.</p><p></p>
2
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Completeness

Objective: existing purchase transactions are fully recorded.

<p>Objective: existing purchase transactions are fully recorded.</p><p></p>
3
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<p>Accuracy</p>

Accuracy

Objective: recorded purchases are accurate.

<p>Objective: recorded purchases are accurate.</p><p></p>
4
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Posting

Objective: payments the suppliers are correctly allocated to the suppliers account.

<p>Objective: payments the suppliers are correctly allocated to the suppliers account.</p><p></p>
5
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Classification

Objective: purchase transactions are correctly classified.

<p>Objective: purchase transactions are correctly classified.</p><p></p>
6
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Timing

Objective: purchases and payments are recorded on the correct dates.

<p>Objective: purchases and payments are recorded on the correct dates.</p><p></p>