Topic D3 Transaction Cycles之欧阳治创编.docx
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Topic D3 Transaction Cycles之欧阳治创编.docx
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TopicD3TransactionCycles之欧阳治创编
Itisfarbetter,andeasierinthelongrun,ifyoucanrelategeneralprinciplestoeachauditarearatherthanlearninglonglistsoftests.Thisispartlybecauselonglistsoftestarealmostimpossibletorememberclearlyandaccuratelyandpartlybecausetheexaminermightgiveyouaslightlyunusualsituationwhichwillrequiretheapproachtobemodifiedslightly.Controlobjectivesforallsystems:
Onlyauthorizedtransactionsarepromptlyrecordedatthecorrectamountintheappropriateaccountsintheproperaccountingperiod,thataccesstoassetsisonlyinaccordancewithproperauthorizationandthatrecordedassetsarecomparedwithexistingassets. Detailedcontrolactivitiesareoftensimilaracrosssales,purchasesandotherareasandincludeforexample:
·Sequentialnumbering ·Batchandcontroltotals ·Controlaccounts ·AuthorizationREVENUECYCLE
Controlobjectives
(1)Toensurethatallsalesrevenuesareincludedintheaccountingrecords
(2)toensurethatsalesrevenuesincludedintherecordsareaccuratelystated (3)tominimiselossesthroughbaddebtsand/orreturnsSegregationofduties
(1)Acceptingcustomerorders
(2)Despatchdepartment (3)Invoicing (4)ReceivingandrecordingcashAuthorisationandapprovalcontrols-examples
(1)Checkordersagainstcreditlimits
(2)Ordersshouldbeauthorisedinwriting (3)Salesinvoicesshouldbeauthorisedinwriting (4)Writingoffbaddebtsshouldbeauthorisedinwriting.Physicalcontrols-examples
(1)Recordordersonpre-numbereddocuments
(2)Nogoodstobedespatchedwithoutadespatchnote (3)Goodsreturnedshouldbeusedtopreparecreditnotes.Arithmeticalcontrols-examples
(1)Checkcalculationsoninvoices
(2)Sendstatementstocustomersregularly (3)Identifyoverduedebtsusingageanalysis (4)Chasecustomersforoverduedebts.Segregationcontrols-examples
(1)Creditnotesshouldbeauthorisedbysomeoneunconnectedwithdespatchorsalesledgerfunctions
(2)Salesinvoicesandcreditnotesshouldbechecked(prices,calculationsetc)byapersonotherthantheonepreparingtheinvoice (3)Salesledgerpersonnelshouldbeindependentofdespatchandcashreceiptfunctions.Organisationcontrols-examples
(1)Sequencechecksonpre-numbereddocuments
(2)Reconciliationofcontrolaccount.Itemstotest ·Customersvettedbeforecreditisgiven ·Ordersvettedagainstcreditlimits ·Goodsdespatchedonlyagainstapprovedcustomerorders ·Alldespatchesandreturnsshouldbeinvoicedandrecordedcorrectly(salesorderslinkedtodespatchnotes,linkedtosalesinvoices;returnscheckedforqualityandlogged) ·Invoices/creditnotesaccuratelypreparedformpricelists,customertradingtermsetc ·Invoicespreparedformdespatchnotesonly ·Creditnotes,baddebtsandadjustmentsbackedbyappropriatedocumentationandauthorisation ·Salestransactionspostedcompletelyandaccuratelytoledgeraccounts ·Reconciliationofcontrolaccount ·Chasingofoverduebalances ·Segregationofduties.Analyticalreviewprocedures ·Fluctuationsinsaleslevels ·Cut-offproblemsCheckdisclosure(eg,segmentalinformation).Notethatoneapproachtodesigningtestsofcontrolistolistthedocumentsinvolvedinthesystem,andthinkoftestsforeachdocument.Thisisillustratedbelowforasalessystem.
Testforevidenceofapproval. Testforevidenceofasequencecheck. Testfor:
(1)EvidencethataGRNisraisedforallsalesreturnsaccepted.
(2)Evidenceofasequencecheck. Testfor:
(1)Serialnumbering.
(2)Evidenceofasequencecheck. (3)Evidenceofmatchingsalesinvoicestodespatchnotesandcustomerorders. (4)Correctaccounting. Testfor:
(1)EvidenceofapprovalandmatchingtoGRN.
(2)Correctaccounting. Testforevidenceofauthorisationofadjustmentstosalesledger Testfor:
(1)Evidenceofreviewofreconciliationtosalesledger.
(2)Evidenceofauthorisationofadjustmentstosalesledgercontrolaccount.Thepointmadeinthepreviouschapterappliesherewithequalforce:
thoughdetailed,thesedescriptionsofaccountingsystemsandcontrolsareofgreatexaminationimportance.1.Introduction Thischaptercoverscontrolsoverpayroll,andtheassetsofcash,inventoryandnon-currentassetswhichmustbesafeguardedandusedproperlyforcompanypurposes.2.Payroll ·Controlobjectives ·Toensurethatpaymentsmaderepresentvaluereceivedforauthorisedwork ·toensurethatpayrollcostsarecompletelyandaccuratelyrecordedinthefinancialstatements Segregationcontrols–examples ·Wages/salariesdepartmentshouldbeseparatefromreceiptsorpaymentsfunctions. ·Dutiesofwagesstaffshouldberotatedduringtheyear. ·Theemployeemakingupthepaypacketsshouldbedifferentfromtheemployeepreparingthepayroll. ·Periodicsurpriseattendanceatpayouts.Physicalcontrols–examples ·Supervisionofclockcardsandtimingdevices ·Controloverunclaimedwages Authorisationandapprovalcontrols–examples ·Writtenauthorisationtoemployordismissanyemployee,ortochangeratesofpay ·Authorisationofovertime ·Anindependentofficialshouldcheckthepayrollandsignit ·Employeesshouldsignfortheirwages ·Wageschequeshouldcarrytwosignatures.Arithmeticalandaccountingcontrols–examples ·Asampleofcalculationsshouldbechecked ·Controlaccountsshouldbemaintained Personnelcontrols-example ·Awagessupervisorshouldbeappointed Managementcontrols-example ·Overallcheckstohighlightmajordiscrepancies(eg,checkagainstbudget)Itemstotest ·timerecordsproperlymaintainedandauthorised ·starters,leaversandchangesinratesproperlyauthorisedbyadepartmentindependentofthepayrolldepartment ·overtime,bonusesandcommissionsproperlyauthorisedandchecked ·deductionsproperlycalculatedandrecorded ·changestotaxrates,allowancesproperlyauthorisedandcorrectlyimplemented ·correctamountspaidtotaxauthoritiesandotherexternalorganisations ·appropriateamountsrecoveredfromexternalorganisations ·totalpayrollauthorised ·adequatesecurityovercashtransmissions ·payrolltotalscorrectlypostedtoledgeraccounts ·segregationofduties.3.Cashsystem ·Toensurethatallcashreceiptsareproperlycollected,recordedandbanked ·toensurethatpaymentsmadetosuppliersareinrespectofauthorisedinvoicesonly ·toensurethatamountschargedtothebandstatementareauthorised ·toensurethatreceiptsandpaymentsarerecordedaccuratelyandcompletelyintheaccountingrecords. Controlsovercashreceiptspost. Controlsovercashcollectedbythesalesforce. Controlsovercashsales. Controlsoverbanking. Controlsoverchequepayments. Bandreconciliations. Controlsoverpettycash. Itemstotest·propercontrolsoverreceiptsintheformoftillreceipts,othercashtakings,chequesandcreditcards ·promptbandingofnotes,coins,chequesandcreditcardvouchers ·reconciliationofcashreceipts(eg,totillrolls) ·Propercontrolsoveropeningofmail,includinglogofchequesreceived ·Reconciliationoflogtobankingrecords ·Agreementofreceiptstoremittanceadvices ·Allreceiptsproperlyrecordedandpostedtocorrectledgeraccounts ·Reconciliationofreceivablescontrolaccount ·Securestorageofunusedcheques,etc·allchequesaccuratelypreparedonthebasisofapproveddocumentationauthorisedlimitsforchequesignatories ·Banktransfersproperlyauthorisedagainstsupportingdocumentation ·directdebitsandstandingordersproperlyauthorisedandmonitored ·Allpaymentsproperlyrecordedandpostedtocorrectledgeraccounts ·reconciliationofpayablescontrolaccount ·Segregationofduties ·Regularbankreconciliations.4.OthersystemsInventoriesControlobjectives ·toensurethatinventoryconsumptionandinventorytransfersarecorrectlyandcompletelyrecorded ·toensurethatinventoryfiguresintheincomestatementandbalancesheetarecorrectlystated ·Toensurethatphysicalamountsofinventoryheldreconciletobookquantities ·Tominimiselossandwastageofinventory.Itemstotest ·Inventoryrequisitionsarebasedonauthorisedreorderlevels ·sequentiallynumberedgoodsreceivednotes ·goodsinareproperlyinspected ·Goodsrejectedareproperlyrecordedandcreditnoteschased ·Allmovementsofinventoryproperlyrecorded ·Inventoryrecordsreconciledtophysicalquantities ·Issuestoworkinprogressproperlyandconsistentlyvalued ·Allinventoryissuescorrectlyauthorised ·Adequatesecurityinholdinginventoriesareas ·Segregationofduties.Non-currentassetsControlobjectives ·toensurethatnon-currentassetsarecorrectlyrecorded,adequatelysecuredandproperlymaintained ·Toensurethatacquisitionsanddisposalsofnon-currentassetsareproperlyauthorised ·Toensurethatacquisitionsanddisposalsofnon-currentassetsareforthemostfavourablepricepossible.Itemstotest ·allacquisitionsproperlyauthorised ·allacquisitionsaccuratelyrecorded ·depreciationcalculationsshouldbeproperlyauthorised,consistentandappropriate ·allassetssafeguarded ·allassetsloggedinregister ·regularreconciliationofphysicalassetstoregister ·alltitledeedssecurelystored ·alldisposalsproperlyauthorised ·disposalsatarm’slengthtoensurebestprice ·alldisposalsproperlyrecorded ·segregationofduties.InvestmentsControlobjectives ·toensuresecuretitletotheinvestment ·toensurethatallincomeaccruingisreceived.Itemstotest ·definedauthorisationsystemforacquisitionsanddisposals ·allacquisitionsanddisposalscorrectlyrecorded ·allinvestmentincomemonitoredandchased ·controlaccountsmaintainedandregularlyreconciled ·segregationofduties.HistoryExamQuestionAnalysis(Q1/J2006)1(a)Statethecontrolobjectivesfortheor
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