What is the procurement process?

1 A process in which a significant decline in payables as a percent of total assets may indicate completeness problems.

2 A process in which a significant increase in the current ratio compared to prior years' experience may indicate completeness problems.

3 A process that involves selecting vendors, establishing payment terms, negotiating contracts, purchasing goods, receiving goods, and recording of purchases and payment of liabilities.

4 The purchase returns process involving return of goods.