auditing the expenditure cycle
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Last updated 6:36 PM on 5/13/25
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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.
2
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Completeness
Objective: existing purchase transactions are fully recorded.
3
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Accuracy
Objective: recorded purchases are accurate.
4
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Posting
Objective: payments the suppliers are correctly allocated to the suppliers account.
5
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Classification
Objective: purchase transactions are correctly classified.
6
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Timing
Objective: purchases and payments are recorded on the correct dates.
Note 
Flashcards (40)