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Which documents should be compared or reconciled by the company to ensure the company only pays for goods that were received and prevent overspending?

One control that every company should have in place is called the “voucher package” or “3-way match”, which reconciles the purchase order, the receiving report and the invoice. The voucher package ensures that the company only receives and pays for goods that they actually ordered.

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  • What is the voucher package?

    The voucher package consists of purchase order forms, receiving reports, and the invoice. This information is related to the purchasing cycle in a company and should be requested by the audit team to assess a company’s internal controls.