What is audit in-depth? Mention the various stages in purchase of goods.

Audit in depth means checking a transaction extensively from origin to end. It is an audit technique which is used in investigation exercises whereby the objective is thorough examination of transactions or records. In this technique all aspects relating to the transaction are checked such as sanctity of transaction, validity of transaction, adherences of prescribed procedures, arithmetical accuracy of transaction, accounting treatment of transaction etc. It is also called vertical vouching as against horizontal vouching. For example, a purchase of goods may commence when a predetermined re-order level has been reached. The ensuing stages may be summarized as given below:- Authorization of Purchase requisition Issue of Request for quotation Issue of Purchase order Receipt of goods and entry of goods in store ledger Approval of payment of Supplier Invoice Payment of supplier invoice Accounting of Transaction