List and discuss the steps of acquiring goods and services. – Homeworkmade

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1) List and discuss the steps of acquiring goods and services.

2) Describe the confirmation process.  Distinguish between Negative and positive form of confirmation request.

3) Describe the advantages and disadvantages of statistical and nonstatistical sampling.

4) Below are five audit procedures, all of which are tests of transactions associated with the audit of the acquisition and payment cycle. Also below are the six general transaction-related audit objectives and the five management assertions. For each audit procedure, indicate (1) its audit objective, and (2) the management assertion being tested.