| LO 8-1 | Identify significant inherent risks in the acquisition and expenditure cycle. |
| LO 8-2 | Describe the acquisition and expenditure cycle, including typical source documents and controls. |
| LO 8-3 | Give examples of tests of controls over purchases of inventory and services. |
| LO 8-4 | Explain the importance of the completeness assertion for the audit of accounts payable and list some procedures for a search for unrecorded liabilities. |
| LO 8-5 | Discuss audit procedures for other accounts affected by the acquisition and expenditure cycle. |
| LO 8-6 | Specify some ways fraud can be found in accounts payable and cash disbursements. |
| LO 8-7 | Describe some common errors and frauds in the acquisition and expenditure cycle and design some audit and investigation procedures for detecting them. |
| LO 8-8 | Describe the payroll cycle, including typical source documents and controls. [Appendix 8C] |
