All monies are banked Flashcards
What is risk
That monies received are not banked
What is control obejctives
To ensure monies received are banked
What is controls (reconciliations)
Bank reconciliations performed weekly/monthly by someone not responsible for banking and reconciliation reviewed by supervisor/manager
What is controls (customer)
Customer statements should be prepared and sent out ona regular (monthly) basis
What is tests of controls (Reperform)
Reperform bank reconciliation to ensure it has been done accurately
What is tests of controls (Review)
Review the bank reconciliation for evidence of supervisor/maanger review being performed
What is tests of controls (Management)
Enquire from management as to whether customer statements are sent out on a regular basis
What is tests of controls (customer)
Review customer correspondence todetermine the level of errors identified as a result of customer statements being sent out
