Page 108 - Audit Day 3 - Class Slides

THE ACQUISITIONS AND PAYMENTS CYCLE

RISKS WITHIN THE CYCLE

• The primary objective of managing risks is to

ensure that cycle activities are valid, accurate

and complete.

• Develop a skill of applying your mind to facts/

scenarios and always ask yourself “what

could go wrong…”

• When analysing questions, develop the skill of

splitting info into different functional areas.

• Will assist in scoring marks

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