Transaction-Related Audit Objective Key Internal Control Common Test of Control Common Substantive Test of Transactions The chart needs to address the the transaction cycle and area of concern listed below: Transaction Cycles Areas of Concern The procur

Transaction-Related Audit Objective

Key Internal Control

Common Test of Control

Common Substantive Test of Transactions

The chart needs to address the the transaction cycle and area of concern listed below:

Transaction Cycles	Areas of Concern
The procurement and payment cycle	There were 4,000 purchase orders that totaled $55 M for raw material. There is concern that not all purchases were completed using formal purchase orders, receipts did not match payment authorizations, and purchase orders were missing.

This needs to address the control issues

It needs to address desiging tests of controls

It needs to address the designing substantive tests of transaction

It needs to address substantive tests of transactions

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Transaction-Related Audit Objective Key Internal Control Common Test of Control Common Substantive Test of Transactions The chart needs to address the the transaction cycle and area of concern listed below: Transaction Cycles Areas of Concern The procur

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the_procurement_and_payment_cycle.docx