The following are various audit procedures performed in the audit of the acquisition and payment cycle and accounts payable:

1. Foot the acquisition journal for the month of August and trace posting to the general ledger and accounts payable master file.
2. Determine that the amount of purchases from major customers is properly disclosed in the financial statements.
3. Calculate the percentage change in expense accounts compared to the prior year for each division.
4. Vouch recorded purchases to vendor invoice and related receiving the report.
5. Determine whether amounts due to related parties on the listing of accounts payable are reported separately in the financial statements.
6. Obtain vendors statements directly from vendors and reconcile them to the listing of accounts payable.
7. Examine supporting documents for cash disbursements after year-end to determine whether they should be included in the year-end list of accounts payable.
8. For a sample of acquisitions, verify that the purchase order was properly approved.
9. For a sample of disbursements, verify that payment was authorized by the appropriate individual.
10. For a sample of acquisitions, agree quantities on vendor invoice with quantities on related receiving report and purchase order.

Required:

1. For each procedure, indicate whether it is a test of control, substantive test of transactions, substantive analytical procedure or test of details of balances.
2. For each test of control or substantive tests of transactions, identify the transaction-related audit objective(s) being met.
3. For each substantive analytical procedure or test of details of balances, identify the balance-related audit objective(s) being met.