CIVES 12.2, 12.3) Taylor Electronics Company is engaging in manufacturing ents. The company purchases its raw materials from various supp orders t.25 (OBJECTIVES 12-2, 12-3) Taylor of onic comp a description of the purchasing system of Taylor Electronics ed volved following is uction supervisors complete a requisition form when they are in need of raw This is triggered by checking the current level of inventory on the inventory The bollowing onents T risk of ificant system w materials. Orders cannot be made if it is outside of the range set in the inventory of raw udit. quan- em The requisition form is then authorized by the production manager. he authorized requisition form is submitted to the purchase ordering department which the staff will raise sequentially numbered purchase orders, in multiple cop e approved supplier list. The copies are sent to: b) the accounts payable department c) the warehouse department. ftw s. Th e been It is the department's policy to update the supplier list with reference to the sup pliers' quality and price on an annual basis. The purchasing director authorizes the curity orders prior to submitting to the selected supplier 3, Upon receipt of goods, the warehouse department verifies the quantity to the suppli- t por- dium- gh the ts are ers despatch note and the purchase order sent to the warehouse department earlier The staffin warehouse department also checks that the quality of the goods received is satisfactory. A sequentially numbered goods received note is then generated which will be sent to the accounts payable department. 4. The accounts payable department matches the goods received note (from ware- house department) with the purchase order (from purchase ordering department) and invoice (from suppliers) to ensure the agreed prices and discounts have been honoured. After the checking process, the staff initials on the invoice to indicate the chart. ports ed by matching process is completed 5. Another accounts payable clerk enters the "matched" invoices onto the purchase system in batches. In this process, the clerk uses a batch control sheet which shows the number of invoices and the total value to be entered. Such information will then be checked against the system batch report. After inputting the information into th purchase system, the invoice will be marked as "LOGGED. The assistant accounts payable manager inspects the file of invoices on a weekly basis to ensure that all audit, orting ions. invoices have been recorded. 6. The logged invoices are then reviewed and authorized for payment by the finance sories s over l will rector. Payments are made by the accounts department via bank transfer on a weekly identify the important controls and related purchase transaction-related audit objectives. List the procedures that a CPA will use in an audit of purchasing transactions in order is. After payment, the invoice will be marked as "PAID to avoid duplicate payments ucted trols. oassess the operating effectiveness of internal controls. torar use har code scanning technologies that