You are preparing for auditing one of your retail clients. During preliminary discussions with management, they disclosed that the company has a lot of suppliers who receive cash.

Prepare a report discussing specific analytical procedures and substantive procedures that are required to ensure the purchases and cash audit will properly support your firms opinion that purchases and cash accounting meet all the client's assertions.

Be sure to include common errors that are often noted during cash and purchases audits and how these can be avoided by your team.