The following audit procedures are included in the audit program for the audit of the...
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Accounting
The following audit procedures are included in the audit program for the audit of the financial statements of PTP Sdn Bhd: 1) Calculations and amounts are internally verified. 2) Purchase orders are pre-numbered and accounted for. 3) Accounts payable master file contents are internally verified. 4) Purchase requisition, purchase order, receiving report and vendors invoice are attached to the voucher. 5) Dates are internally verified. 6) Vendors invoices, receiving reports, purchase orders and purchase requisitions are internally verified. 7) Procedures require recording transactions as soon as possible after the goods and services have been received. 8) Receiving reports are pre-numbered and accounted for. 9) Accounts payable master file or trial balance totals are compared to general ledger balances. 10) Acquisitions are approved for prices and discounts. Required: a) What transaction related audit objective does each control relate to? b) Which common test of control can be used to assess each controls effectiveness? c) What is a substantive test of transaction related to each control?
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