Get the free Purchasing Card Audit - Finance Audit

How to fill out purchasing card audit

How to fill out a purchasing card audit:

1. Obtain the necessary forms and templates from your organization's finance or auditing department. These documents outline the required information and processes for completing the audit.
2. Review the purchasing card statements to ensure all transactions are accurately recorded. Check for any discrepancies, duplicate charges, or unauthorized expenses.
3. Match each transaction on the statement to the corresponding receipt or invoice. This verification process helps ensure that all purchases were made in accordance with the organization's policies and procedures.
4. Categorize the transactions based on their nature (e.g., office supplies, travel expenses, professional services) to provide a clear breakdown of the types of purchases made using the purchasing card.
5. Check that necessary supporting documentation such as receipts, invoices, or approval forms are attached for each transaction. This step ensures that the audit can be easily reviewed and validated by the auditing team.
6. Evaluate the compliance of each transaction with the organization's purchasing policies and procedures. Look for any red flags, such as unapproved expenses, excessive spending, or purchases from unauthorized vendors.
7. Document any exceptions or findings that deviate from the standard purchasing procedures. Note any corrective actions that may need to be taken to address these issues and prevent them from reoccurring in the future.
8. Reconcile the total purchases made with the available funds on the purchasing card and ensure that all expenses are accounted for. This step helps to maintain financial transparency and prevent any potential financial discrepancies.

Who needs a purchasing card audit:

1. Organizations and businesses that utilize purchasing cards for their employees or departments often require regular audits to ensure compliance with financial policies and procedures.
2. Finance, accounting, or auditing departments within these organizations are responsible for conducting purchasing card audits to maintain financial integrity and prevent fraud or misuse of funds.
3. Additionally, regulatory bodies or external auditors may also request or require purchasing card audits to assess the organization's financial controls and adherence to industry regulations.

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What is purchasing card audit?

A purchasing card audit is a review of transaction records and compliance with purchasing policies for purchases made using a purchasing card.

Who is required to file purchasing card audit?

All organizations or individuals who use purchasing cards for business expenses are required to file a purchasing card audit.

How to fill out purchasing card audit?

To fill out a purchasing card audit, you need to gather transaction records, review compliance with purchasing policies, and report any discrepancies.

What is the purpose of purchasing card audit?

The purpose of a purchasing card audit is to ensure that purchasing cards are being used properly and in compliance with purchasing policies.

What information must be reported on purchasing card audit?

Information such as transaction details, vendor names, amounts, dates, and compliance with purchasing policies must be reported on a purchasing card audit.