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Explain the following: Understand the purchase cycle and related transactions and source documents Understand the...

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Accounting

Explain the following:

Understand the purchase cycle and related transactions and source documents

Understand the relevant assertions/objectives about inventory and purchase transactions that concern the auditors most

Understand the vouching and tracing to test existence/occurrence and completeness assertions of inventory and purchase transactions

Understand the purchase and production cycles, including the separation of functions among the purchasing, receiving, storing, shipping departments

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