To gain knowledge and understanding of the revenue accounting system
To identify the relevant internal controls to mitigate risk
To identify tests of internal controls
To apply internal controls to activities
Session title: The accounting systems and internal controls continues
Aims & Objectives
To gain knowledge and understanding of the purchases accounting system
To identify the relevant internal controls to mitigate risk
To identify tests of internal controls
To apply internal controls to activities
Introduction
In today’s session, we will be looking at the purchases system of an organisation and will
focus on the internal controls associated with it.
Purchases is one another important practical area that auditors need to focus on.
For, example, it is imperative to understand the purchase ordering controls and what are the
risk associated with it, to take an example, we can talk about instances where goods are
ordered for personal use;
or the goods received note, invoicing controls and the associated risks such as receiving goods
from suppliers not at competitive prices.
In such circumstances, auditor is the person who will make sure that the test the controls are
in place and operating efficiently and effectively.
You will be required to do the selective worked examples and interactive questions in the
(ICAEW, 2019) Assurance Study Manual and Question Bank to give you a more
comprehensive application of the topics covered in the course pages.
At this level of your degree, it is expected that in addition to the course pages and tutor
support provided, you must carry out academic research work to give a wider knowledge and
understanding of the subjects covered in these course pages.
We will also provide a number of activities for you to attempt, in order to test your
knowledge and understanding from case studies and short questions.
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