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(共20张PPT)
Chapter 13The Expenditure Cycle: Purchasing to Cash Disbursements13-Learning ObjectivesExplain the basic business activities and related information processing operations performed in the expenditure cycle.Discuss the key decisions to be made in the expenditure cycle, and identify the information needed to make those decisions.Identify major threats in the expenditure cycle, and evaluate the adequacy of various control procedures for dealing with those threats.13-The Expenditure Cycle13-The Expenditure CycleActivities and information processing related to:Purchasing and payment ofGoods and servicesPrimary objective:Minimize the total cost of acquiring and maintaining inventories, supplies, and the various services the organization needs to function13-Expenditure Cycle ActivitiesOrdering materials, supplies, and servicesReceiving materials, supplies, and servicesApproving supplier invoicesCash disbursements13-Expenditure Cycle General ThreatsInaccurate or invalid master dataUnauthorized disclosure of sensitive informationLoss or destruction of dataPoor performance13-Expenditure Cycle General ControlsData processing integrity controlsRestriction of access to master dataReview of all changes to master data13-Ordering ThreatsInaccurate inventory recordsPurchasing items not neededPurchasing at inflated pricesPurchasing goods of inferior qualityUnreliable suppliersPurchasing from unauthorized suppliersKickbacks13-Ordering ControlsPerpetual inventory systemBar coding or RFID tagsPeriodic physical counts of inventoryPerpetual inventory systemReview and approval of purchase requisitionsCentralized purchasing functionPrice listsCompetitive biddingReview of purchase ordersBudgetsPurchasing only from approved suppliers13-Ordering Controls (cont’d)Review and approval of purchases from new suppliersHolding purchasing managers responsible for rework and scrap costsTracking and monitoring product quality by supplierRequiring suppliers to possess quality certification (e.g., ISO 9000)Collecting and monitoring supplier delivery performance dataMaintaining a list of approved suppliers and configuring the system to permit purchase orders only to approved suppliersReview and approval of purchases from new suppliersEDI-specific controls (access, review of orders, encryption, policy)Requiring purchasing agents to disclose financial and personal interests in suppliersTraining employees in how to respond to offers of gifts from suppliersJob rotation and mandatory vacationsSupplier audits13-Receiving ThreatsAccepting unordered itemsMistakes in countingVerifying receipt of servicesTheft of inventory13-Receiving ControlsRequiring existence of approved purchase order prior to accepting any deliveryDo not inform receiving employees about quantity orderedRequire receiving employees to sign receiving reportIncentivesDocument transfer of goods to inventoryUse of bar-codes and RFID tagsConfiguration of the ERP system to flag discrepancies between received and ordered quantities that exceed tolerance threshold for investigationSegregation of duties: custody of inventory versus receivingBudgetary controlsAuditsRestriction of physical access to inventoryDocumentation of all transfers of inventory between receiving and inventory employeesPeriodic physical counts of inventory and reconciliation to recorded quantities13-Invoice ProcessingNon-VoucherEach approved invoice is posted to individual supplier records in the accounts payable fileandis then stored in an open-invoice file.When a check is written to pay for an invoice, the voucher package is removed from the open-invoice file, the invoice is marked paid, and then the voucher package is stored in the paid-invoice file.VoucherDisbursement voucher is also created when a supplier invoice is approved for payment.Identifies the supplier, lists the outstanding invoices, and indicates the net amount to be paid after deducting any applicable discounts and allowances.13-Advantages of Voucher SystemReduce number of checksCan utilize pre-sequential-numbered voucher controlAllows for separation of invoice approval from invoice payment13-Approving Invoices ThreatsErrors in supplier invoicesMistakes in posting to accounts payable13-Approving Invoices ControlsVerification of invoice accuracyRequiring detailed receipts for procurement card purchasesEvaluated receipt settlementMatch PO with receiving reportRestriction of access to supplier master dataVerification of freight bill and use of approved delivery channelsData entry edit controlsReconciliation of detailed accounts payable records with the general ledger control account13-Cash Disbursement ThreatsFailure to take advantage of discounts for prompt paymentPaying for items not receivedDuplicate paymentsTheft of cashCheck alterationCash flow problems13-Cash Disbursement ControlsFiling of invoices by due date for discountsCash flow budgetsRequiring that all supplier invoices be matched to supporting documents that are acknowledged by both receiving and inventory controlBudgets (for services)Requiring receipts for travel expensesUse of corporate credit cards for travel expensesRequiring a complete voucher package for all paymentsPolicy to pay only from original copies of supplier invoicesCancelling all supporting documents when payment is made13-Cash Disbursement ControlsCancelling all supporting documents when payment is madePhysical security of blank checks and check-signing machinePeriodic accounting of all sequentially numbered checks by cashierAccess controls to EFT terminalsUse of dedicated computer and browser for online bankingACH blocks on accounts not used for paymentsSeparation of check-writing function from accounts payableRequiring dual signatures on checks greater than a specific amountRegular reconciliation of bank account with recorded amounts by someone independent of cash disbursements procedures13-Cash Disbursement ControlsRestriction of access to supplier master fileLimiting the number of employees with ability to create one-time suppliers and to process invoices from one-time suppliersRunning petty cash as an imprest fundSurprise audits of petty cash fundCheck protection machinesUse of special inks and papers“Positive pay” arrangements with banksCash flow budget13-

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