Question: List the main supporting source documents used in a purchases
List the main supporting source documents used in a purchases, payables, and payments process.
Answer to relevant QuestionsWhat are the functions that should be segregated in the purchases, payables, and payments process?What is the purpose of a continuity schedule for PPE and intangibles in audit working papers?How is the information from the shipping department, receiving department, and warehouse used to update perpetual inventory records? In substantive auditing, why is the emphasis on the completeness assertion for liabilities instead of on the existence assertion as in the audit of assets?What evidence regarding inventories and cost of sales can the auditor typically obtain from enquiry?
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