Topic D3 Transaction Cycles之欧阳治创编Word文档格式.docx
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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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