What are the five major phases of the acquisition and payment process? 

2. List the advantages for implementing a centralized purchasing function. What are the disadvantages (if any)? 

3. In the audit of inventory the auditor must perform important procedures prior to the actual observation. Identify the steps the auditor must take prior to the day the inventory is actually counted. 

4. Discuss the procedures that the audit team will most likely perform upon arrival at each site right before physical inventory is taken. 

5. Discuss the procedures the audit team will most likely perform during the physical observation of inventory. 

6. Identify and describe at least four procedures the audit team may perform in order to determine potential obsolescence of items in the inventory balances. 

7. What are some of the important controls that are expected to be included in a well-conceived inventory control system?

Answer rating: 100% (QA)

The five major phases of the acquisition and payment process are a Requisition This phase involves the identification of the need for goods or services and the creation of a purchase requisition to in... View the full answer