Which of the following is not a test of controls that can be performed in the purchasing and payment cycle?

Question

Accepted Answer

Recalculate VAT by inspecting of invoices and confirming that discounts are considered prior to calculating VAT.

Answer

Observe the procedures followed by the receiving clerk when a delivery is received from supplier.

Answer

Inquire of the financial accountant (or a similar position) as to what happens when payment is made by an EFT.

Answer

Inquire from the purchasing order clerk as to what procedures are followed when placing an order.

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