Internal audit - Purchase audit Program

Internal Audit 7804 views 4 replies

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Company			Auditor:
Date:			Auditee:
Serial	Audit Procedure	Done	Comments	W/P Ref.	Recommendation
Objective 1- General
1	Obtain the policies and procedures for purchasing
2	Obtain a copy of organization’s current signature authority matrix. Ensure that the matrix is up-to-date for authorized personnel, title/position vs. authority, dollar/volume limits, and override procedures (and related down-stream controls; subsequent reporting or escalation to higher-limit personnel)
3	Obtain the signature authorization list.
4	Check if the list of approved suppliers is maintained regularly
5	Determine if the function of authorization, ordering and receiving is adequately segregated
6	Verify the implementation of the computer system
7	Verify the implementation of a current vendor performance rating system
8	Determine whether there is a policy with respect to acceptance of gifts from supplier.
9	Check if the purchasing agents or buyers are periodically rotated among purchasing categories to ensure independence
Objective 2- Ordering
10	Ensure whether a requisitions logbook is used to log all requisitions serially.
11	Scrutinize requisitions file for any duplicate or missing requisitions.
12	Check the completeness of the requisition. All fields should be completed.
13	For each purchase determine whether a requisition is prepared by the requester and approved by the Dept. Manager or committee.
14	Test the efficiency of the processing process i.e. from the time the requisition is received until the time the order is processed i.e. compare the dates of the selected purchase orders with those of the purchase requisitions.
19	Ensure that all imported purchases are insured.
20	Select purchases orders and check the authorization to ensure it’s approved by appropriate level of management
21	Investigate long outstanding requisition orders.

Replies (4)

Guest

Company			Auditor:
Date:			Auditee:
Serial	Audit Procedure	Done	Comments	W/P Ref.	Recommendation
Objective 3- Goods Delivery
22	Compare details on the invoice/delivery note to that detailed on the quotations, LPO and requisitions: . Services requested, . Prices, quantities specified, . Supplier details, All information should be the same in respect of the above
23	Determine if the receiving person signed the delivery note/invoice as evidence of checking items received
24	Ensure the following duties are segregated between ordering & receiving.
25	Check for the date on the invoices should be after that on the requisition, quotation and purchase order
Objective 4- Payment
26	Ensure pre-numbered payment vouchers are used.
27	Ensure payment vouchers are properly supported by original supporting document & approved.
28	Ensure supporting documents are checked & stamped for payment.
29	Ensure the following duties are segregated between: - ordering, receiving & AP. - Check preparation, payment approval & signing of checks.
30	Ensure payments are made only in the due date?
31	Determine if the advanced payment is closed right

Guest

Company			Auditor:
Date:			Auditee:
Serial	Audit Procedure	Done	Comments	W/P Ref.	Recommendation
Objective 3- Goods Delivery
22	Compare details on the invoice/delivery note to that detailed on the quotations, LPO and requisitions: . Services requested, . Prices, quantities specified, . Supplier details, All information should be the same in respect of the above
23	Determine if the receiving person signed the delivery note/invoice as evidence of checking items received
24	Ensure the following duties are segregated between ordering & receiving.
25	Check for the date on the invoices should be after that on the requisition, quotation and purchase order
Objective 4- Payment
26	Ensure pre-numbered payment vouchers are used.
27	Ensure payment vouchers are properly supported by original supporting document & approved.
28	Ensure supporting documents are checked & stamped for payment.
29	Ensure the following duties are segregated between: - ordering, receiving & AP. - Check preparation, payment approval & signing of checks.
30	Ensure payments are made only in the due date?
31	Determine if the advanced payment is closed right