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The 6 Steps of the Purchasing Process [Video]

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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SEFA Reporting for Provider Relief Funds [Video]
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SEFA Reporting for Provider Relief Funds [Video]

Close Captioning has been auto-generated.The AICPA has issued a Technical Q&A (https://us.aicpa.org/content/dam/aicpa/interestareas/frc/downloadabledocuments/tqa-sections/tqa-section-9160-36.pdf) to address questions surrounding reporting on the SEFA when the amount reported does not tie back to the financial statements due to DHHS's requirement to report based on the reporting to the Portal. The TQA provides guidance on the application of AU-C 725 to this scenario.How difficult have the changes to PRF funds been on entities?Watch all A&A Today videos at https://www.youtube.com/playlist?list=PLzz2wvHsZ2DNJ64dEWyHTq5BcvI1RALA-____________________________________________________________Subscribe for More CPA Video Updates https://www.youtube.com/user/WashingtonCPAs CONNECT WITH US: WSCPA https://www.wscpa.org FACEBOOK https://www.facebook.com/WashingtonCPAs LINKEDIN https://www.linkedin.com/company/353584 TWITTER https://twitter.com/WashingtonCPAs INSTAGRAM https://www.instagram.com/washingtoncpas/

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