Cash and Cheques are safeguarded against loss or theft Flashcards
1
Q
What is risk?
A
Cash/cheques are misappropriated
2
Q
What is control objectives?
A
Ensure that cash/cheques are safeguarded against loss or theft
3
Q
What is controls (receipts)
A
Unbanked receipts should be kept in a locked safe at all times
4
Q
What is controls (cheques)
A
Cheque books should be kept by a supervisor/manager and stored in a secure location such as a locked drawer/cash tin or safe
5
Q
What is tests of controls
A
Physicallt verify the location of unbanked receipts/cheque books to ensure they are kept securely
