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Lecture Principles of auditing and other assurance services (15/e): Chapter 14 - Whittington, Pany

Chapter 14 - Accounts payable and other liabilities. This chapter explained the fundamental controls over accounts payable and purchase transactions. It also discussed the auditors' consideration of these controls and the substantive procedures for accounts payable and purchases. | Accounts Payable and Other Liabilities Chapter 14 1 Controls Over the Acquisition Cycle Segregation of duties--purchases and disbursements Approval of purchase orders Numerical control of purchase orders and receiving reports Matching of details of vendors’ invoices to purchase orders and receiving documents Approval of vendors’ invoices Pre-numbered checks Reconciliation of details of individual disbursements to controlling accounts Reconciliation of vendors’ statements to accounts Reconciliation of bank accounts Use of budgets and analysis of variances Use of chart of accounts and review of account coding 14- 2 2 2 Acquisition Cycle--Documents Purchase order Receiving report Vendor’s invoice Vendor’s statement 14- 3 3 3 14- Objectives for the Audit Accounts Payable and Purchases Consider inherent risks, including fraud risks Consider internal control over accounts payables and purchases Substantiate the existence of recorded accounts payable and occurrence of purchases | Accounts Payable and Other Liabilities Chapter 14 1 Controls Over the Acquisition Cycle Segregation of duties--purchases and disbursements Approval of purchase orders Numerical control of purchase orders and receiving reports Matching of details of vendors’ invoices to purchase orders and receiving documents Approval of vendors’ invoices Pre-numbered checks Reconciliation of details of individual disbursements to controlling accounts Reconciliation of vendors’ statements to accounts Reconciliation of bank accounts Use of budgets and analysis of variances Use of chart of accounts and review of account coding 14- 2 2 2 Acquisition Cycle--Documents Purchase order Receiving report Vendor’s invoice Vendor’s statement 14- 3 3 3 14- Objectives for the Audit Accounts Payable and Purchases Consider inherent risks, including fraud risks Consider internal control over accounts payables and purchases Substantiate the existence of recorded accounts payable and occurrence of purchases Establish the completeness of accounts payable and purchase transactions Determine that the client has obligations to pay the recorded accounts payable Determine that the valuation of accounts payable is in accordance with GAAP Determine that the presentation and disclosure of accounts payable and purchases are appropriate 14- 5 5 5 14- Substantive Tests of Accounts Payable 14- 6 6 6 Contrasting Confirmation of Accounts Payable and Accounts Receivable Accounts Payable Accounts Receivable Primary Audit Completeness Existence Objective Other Evidence External evidence Internal evidence Available held by client (i.e, (i.e., sales invoices, vendors’ invoices receiving reports, and statements) etc.) Confirmation Generally No Yes Required? 14- 7 7 7 14-