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Describe audit procedures for the production, acquisition, and expenditure cycles

Describe audit procedures for the production, acquisition, and expenditure cycles

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An organization should have input, processing, and output control activities in place and operating to prevent, detect, and correct accounting errors. The general control objectives(validity, completeness, authorization, accuracy, classification, accounting, and proper period recording) must be related to the acquisition and expenditure cycle. Auditors Perform detail tests of control audit procedures to determine whether controls are operating. The actions to be taken to produce the relevant evidence include vouching,tracing, observing, scanning, and recalculating.

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