Major types of transactions in the purchasing cycle

Reference no: EM13818965

Q1. What are the major types of transactions in the Purchasing Cycle? Discuss one control activity in each type of transaction.

Q2. Why do auditors use sampling in their work? What do you understand by ‘Sampling Risk' and ‘Non-Sampling Risk'? Distinguish between statistical and non-statistical sampling and give an example where each is used.

Reference no: EM13818965

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