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Area : Cash and Bank

Record of Work Done Sch


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Done
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Exceptions
Discuss with the client and understand: -
General accounting policy with respect to stock
related transactions.
The system of accounting of stock.
The persons authorised to handle the stocks and
sign the stores documents.
Have an opening meeting with the Departmental
head and other relevant personnel to
Discuss the scope and focus of the audit
Prioratise on the work to be performed
dentify the nternal audit coordinator for
coordinating the audit in the department
Prepare and issue a copy of list of deliverables
!information" to the # coordinator based on the
scope and audit steps mentioned below and agree
upon the time within which the information
would be made available.
Prepare a movement sheet of the bank accounts$
ascertaining whether any new bank accounts have
been opened during the period of audit and
whether any accounts have been closed.
Prepare a control sheet in respect of bank
accounts$ regard being had to: -
%ook balance.
%alance as per bank statement & confirmation.
Preparation of %'(.
)hether the %'( is being verified by the
employees* superior
+btain a copy of the bank accounts$ their
respective bank reconciliation statement$ and
confirmation.
(crutinise the %'( for long outstanding items.

#scertain the nature of the items appearing in the
%'(.
(crutinise subse,uent months statements for
debits and&or credit to the bank account.
Record of Work Done Sch
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Exceptions
-erify if there are debits or credits in the bank
statement not appearing in the bank book and
vice versa.
#scertain the nature of transactions through each
bank and the balances in the bank accounts and
that such amounts are not pre.udicial to the
interest of the company
#scertain if there is any significant event with
regard to the +D & // limit that the company can
avail.
#scertain if there is any fresh charge & lien$ or any
encumbrance or right of similar nature$ and
whether the provisions of the /ompanies #ct and
other disclosures are ade,uately made.
#scertain the repayment schedule and see to that
interest commitments are appropriately met.
-erify disclosure is made in the financial
accounts of the payment schedule of the
immediately succeeding 01 financial year.
Physically verify the cash at the respective
locations of the unit and the treatment of che,ues
on hand in this regard.
2nsure that the cash on hand is within the
authorised limit and further that such amount is
insured. -erify cash e,uivalents +3*s tokens etc.
2nsure that such advances are suitably recovered
and reflected in the books of accounts.
2nsure that an aging analysis of such balances
can be made at any time.
-erify that in respect of such advances: -
There is authorisation.
(upportings.
#ccounting effect.
4easures to recover are made known.
Record of Work Done Sch
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Exceptions
/ontrol is made over the completeness of these
advances.
#scertain the cash balances over the period of
audit and ensure that the physical balance of cash
was at no point pre.udicial to the interest of the
company.
2nsure in this regard that the amount of cash at
any point in time can meet apart from routine
e5penses$ e5penditure of an e5ceptional kind$ e.g.
medical e5penses etc.
#scertain that only in respect of whom there is a
fidelity guarantee$ handle cash.
#scertain whether cash book balance is balanced
daily and the physical cash in other departments
is periodically verified by the accounts
department.
-ouch for cash and bank e5penses and receipts
and ensure that: -
The vouchers are approved.
(igned off by the cashier.
Defaced.
(upportings are available.
6ature of the e5penses is in line with business$
i.e. no personal e5penses are reimbursed etc.
2ntries are made as and when the voucher is
passed.
#uthorisation limits are as per resolutions passed
or #rticles of #ssociation.
+ther controls as warranted by audit are complied
with.
'easons and nature of e5penses$ if any$ above 's.
17$777 in cash.
+btain an understanding of the computer
environment and accounting transactions therein
to perform a substantive and or analytical test.
2nsure that : -
The voucher number is given automatically by
the system and is not manually given.
2nsure that the date function is programmed such
that backdating or making entries in respect of
previous days is not made.
#de,uate back up is taken and fre,uently so.
There is access controls in respect of cash and
bank related packages.
Record of Work Done Sch
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Done
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Exceptions
2nsure that there is an updated virus scanner.
-erify any instances of cash withdrawal more
than 's.87777

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