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.

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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

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