Name

COSO ICF C3-Component 2 Control Activities Purchasing-Purchasing Expenditure (June 2015)

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: CONTROL ACTIVITIES
COSO CONTROL OBJECTIVE: OPERATIONS - Purchasing Expenditures.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

Control Objectives:

1) Ensure that one person should not be responsible for placing orders, recording purchase and disbursing payment.
2) Ensure that recorded purchase transactions represent goods or services provided.
3) Ensure that goods are purchased only from the approved suppliers.
4) Ensure that competitive price quotations has been obtained.
5) Ensure that all purchase transactions that occurred have been recorded.

Standard (Non-IT) Audit Program

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