Acca aa s21 Notes

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Chapter 13
ACCOUNTING SYSTEMS
1. The purchases system
‘Watertight’ audit trail required
Ordering
Receiving goods
Receiving the invoice
Payment
An effective system of internal control for purchases will aim to ensure the following ('control 
objectives'):
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Goods are ordered only as and when needed
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They are ordered at competitive prices, in the required quantities and are of the required quality
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They are ordered from authorised suppliers
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The goods are received as expected (correct time, type, quantity and condition)
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They are booked into inventory
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Invoices are checked to goods received notes and orders
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Invoices are entered properly into the payables ledger
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Payments are made properly to suppliers.
It should be possible to trace from order through to cash account entry and from cash account entries 
back to orders and goods requisition notes.
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2. The sales system
‘Watertight’ audit trail required
Orders
Raise invoice
Despatch goods
Receive payment