internal audit

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Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2011 what is p to p approach i.e. procurement to payment approach in internal audit?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 January 2011 1.Approved Purchase request
2.Obtained quotations
3.Procedure for selecting the Vendor
4.Checking the Price & quality
5.Company purchase policy
6.Issued Purchase order & acceptance for the same
7. Details verification of P.O terms & conditions
8.Receiving the goods with proper invoice & D.C
9.proper GRN & stores & stock entry
10.commercial verification like rate, quantity & quality certified by the purchase requester
11.Proper bill passing advice & payment for the same
12. approval for Bill & payment
13. payment to party

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