Payment Received Sales System (2) Flashcards
1
Q
What is risk (payments)
A
That payments received are misappropriated
2
Q
What is control objectives (payments)
A
Ensure that monies received are safeguard and banked promptly
3
Q
What is controls (payments) (segragation)
A
There should be segragation of duties between those who update receivables ledger and those who?
4
Q
What do the others do in segragation of duties?
A
Raise invoices and credit notes
Follow up statement queries
Open and count cash
5
Q
What is controls (payments) (Cash)
A
Cash/cheques should be kept securely and banked promptly
6
Q
What is tests of controls (payments) (segragation)
A
Observe the procedures in place to ensure segragation of duties
7
Q
What is tests of controls (payments) (procedures)
A
Observe the procedures for banking cash/cheques
