Design tests of controls substantive tests of transactions Describe the methodology for designing tests for the details Conducting an Audit Plan Risks for the Audit of the Acquisition Audit objectives misstatements. Prenumbered receiving reports are prepared as support for acquisitions and numeri-. Purchase And Payment Cycle Managers often think of internal controls as the purview and responsibility of accountants and auditors. . 13-26 Objectives 13-1 13-4 13-5 The following are independent internal controls commonly found in the acquisition and payment cycle. Purchase returns and allowances and purchase discounts. By KING SHU JUAN CEA150041 1. Auditing and Internal Control. The following are independent internal controls commonly found in the acquisition and payment cycle. Understand internal control. In this session I will discuss acquisition and payment cycleAre you a CPA candidate or accounting student...