vouching
Rishitha Reddy (52 Points)
16 February 2019
what are main points to audit purchase vouchers.
2 Replies
Pankhuri Agrawal
(Chartered Accountant)
(412 Points)
Replied 16 February 2019
Date , product quantity, amount, seller details, gst calculation, stamp (if applicable), u can also check the payment entry from bank statement
kajol
(Executive)
(201 Points)
Replied 18 February 2019
The auditor should see that only credit purchases of goods are recorded in Purchases Book.
2. The invoice is prepared in the name of the client.
3. The date mentioned in the invoice relates to the period under audit.
4. The invoice relates to the business, which the concern carries on.
5. Responsible official who have checked the invoice should initial it.
6. The trade discount received is to be deducted from the purchase invoice and the net amount entered in the purchase invoice should agree with the entry in the Purchases Book.
7. The names of the supplier as entered in the purchase invoice agree with the entry in the Purchases Book.
8. The price mentioned in the purchase invoice should agree with the quotation given by the supplier.
9. The quantity mentioned in the purchase invoice should tally with the quantity recorded in the Purchases Book.
10. The Purchases Book should be verified with the help of purchase invoices, copies of orders placed, goods received note, goods inward book, and copies of challans from supplier.
11. It should be checked that a responsible officer sanctions the purchase of goods and the goods purchased are of similar to those, which the organization deals.
12. The supplier’s bill must be in the name of the business and relate to period under audit.
13. The goods purchased must not be for the personal use of directors, officers, secretaries, etc.
14. Each voucher should be stamped or initialed after the examination is over, so that it could not be produced again.
15. The totaling and casting of Purchases Book should be checked. The auditor should also see that all taxes, octroi, and freight are added to the purchases and trade discounts allowed are deducted.
16. The goods purchased should be actually received by the client.
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