The purchasing process is very important to a business, as manufacturers can’t make goods without raw materials and retailers can’t sell goods without first buying them. Even service providers must acquire goods or services to provide services (e.g., accounting firms need to purchase tax preparation software and law firms purchase software to research legal cases). Before auditing the purchasing process, the auditor needs to get an overview of the activities that make up a company’s purchasing process. The purchasing process consists of the following steps: 1. Requisitioning goods or services 2. Purchasing goods or services 3. Receiving goods or services 4. Processing invoices 5. Making disbursements 6. Updating records 0:00 Introduction 0:22 Requisitioning goods or services 1:19 Purchasing goods or services 4:09 Receiving goods or services 5:37 Processing invoices 7:57 Making disbursements 8:40 Updating records — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage …
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