Procurement
Procurement is the process of obtaining goods or services, from identifying requirements and selecting suppliers through ordering, receipt and payment. Relevant controls and evaluation criteria depend on the organisation and engagement.
Worked example
A business approves supplier selection and compares delivered goods with an authorised order before paying.
Common mistake
A financial-statement audit does not automatically conclude that every purchase achieved best value.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |
| ACCA | BT | Direct | September 2026–June 2027 |
| ACCA | SBL | Supporting | September 2026–June 2027 |
| FIA | FBT | Direct | September 2026–June 2027 |