Audit of Acquisition Cycle

Auditing Theory: Concept and Practice Tutorial Series covers the necessary skill and knowledge that will help in passing the CPA Licensure Exam and information that will guide auditors in performing auditing and related services. This video aims to help the viewers understand and review the processing of purchasing and payment transactions and auditing the related accounts. Subscribe to our channel to be updated on the release of the next videos. Contents: 0:00 - Start 0:32 - Organizational Chart 1:19 - Acquisition Processing 3:25 - 1. Request for Goods 4:52 - 2. Purchase of Goods 8:30 - 3. Receipt of Goods 12:20 - 4. Approval of Payment 15:30 - 5. Cash Disbursement 18:28 - Acquisition Cycle Accounts 19:00 - Audit of the Acquisition Process 21:27 - Risk Assessment 36:34 - Test of Controls 45:00 - Substantive Procedures 56:10 - Observing Physical Count 1:02:41 - Search for Unrecorded Liabilities Facebook Page:   / akawntingpage   Youtube Channel:    / akawnting   Visit our blog: https://akawnting.com