Audit library / 03 Purchases and payables
Purchases and Payables Audit Kit
A complete, ready-to-use audit plan for purchases, trade payables, accruals and commitments. 21 procedures in 8 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 21 audit procedures, from planning to sign-off
- Covers purchase controls, completeness of liabilities, supplier balances, cut-off, unusual balances and fraud red flags and data analytics
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Planning and understanding | ||||
| A1 | Understand the purchase-to-pay process: requisition, purchase order, goods receipt, invoice processing, approval and payment. Identify who can create vendors and approve payments.Risk: Control weaknesses in purchasing go unnoticed. | Controls | Not started ▾ | |
| A2 | Perform analytical review of purchases and expenses by month, supplier and category against prior year and budget.Risk: Unrecorded or misclassified purchases not detected. | Completeness | Not started ▾ | |
| A3 | Agree the aged payables listing to the general ledger and review for unusual balances, debit balances and long-outstanding items.Risk: Payables listing does not support the ledger balance. | Accuracy & valuation | Not started ▾ | |
| B. Purchase controls | ||||
| B1 | Select a sample of purchases and test the three-way match: approved purchase order, goods received note and supplier invoice agree on quantity and price.Risk: Payment for goods not ordered or not received. | Controls | Not started ▾ | |
| B2 | Check that purchases above thresholds followed the procurement policy: quotations, tenders and approval limits.Risk: Overpricing, favouritism or kickbacks. | Controls | Not started ▾ | |
| B3 | Review changes to the vendor master file during the period, especially bank account changes, and check they were independently approved and verified.Risk: Payments diverted through changed bank details. | Fraud | Not started ▾ | |
15 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
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