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Items (i) through (v) are examples of internal controls that you have documented for the purchases and accounts payable segment of your client's system. i.
Items (i) through (v) are examples of internal controls that you have documented for the purchases and accounts payable segment of your client's system. i. Entries to the purchases journal are initiated by a purchase invoice supported by a goods received note. ii. Goods received notes are recorded on pre-numbered documents, and the sequence of these documents is accounted for periodically. iii. At close of business on the last day of the financial year the purchasing manager records the last goods received note number. iv. The central purchasing department has one accounts clerk who is responsible for recording all suppliers' invoices. v. All creditors' accounts are reconciled to supplier statements at the end of each month. For each item state: a) The assertion that the control addresses. b) A test of control that would provide evidence that the control is effective (note that inquiry of client personnel or investigation of policy and procedures manuals is not a sufficient answer). You should present your answer in the format below. Assertion Test of Control 1 mark each 1 mark each
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