Monthly bank reconciliations prepared Review reconciliations to confirm whether and reviewed. undertaken and reviewed. Only authorised staff can make Review delegated list of authority for cash electronic cash payments and issue payments cheques. Electronic cash payments and cheques Inspect relevant documentation for evidence of prepared only after all source documents approval by senior personnel. have been independently approved. Completeness All cash payments that Segregation of duties Observe and evaluate proper segregation occurred are recorded. Supplier statements independently Review procedures for reconciling supplier reviewed and reconciled to trade statements. payable records. Monthly bank reconciliations prepared Review reconciliations to confirm whether and reviewed. undertaken and independently reviewed. Review of cash payments by manager Inspect sample of listings for evidence of senior before release. review Daily cash payments reconciled to Review a sample of reconciliations for evidence posting to payable accounts. that they have been done. Use of prenumbered cheques. Examine evidence of use of prenumbering Accuracy, classification and valuation Cash payments recorded Reconciliation of daily payments report Review reconciliation, to ensure performed, correctly in the ledger. to electronic cash payment transfers and reviewed and any discrepancies followed up on cheques issued. a timely basis. Supplier statements reconciled to Review reconciliations for a sample of payable accounts regularly. accounts. Monthly bank reconciliations of bank Review bank reconciliation for evidence it was statements to ledger account. done and independently reviewed. Cash payments posted to Supplier statements reconciled to Review reconciliations for a sample of accounts correct payable accounts payable accounts regularly. and to the general ledger. Agreement of monthly cash payments Review postings from journal to general ledger journal to general ledger posting. Payable accounts reconciled to general Review reconciliation, to ensure performed, ledger control account reviewed and any discrepancies followed up on a timely Cut-off Cash payments are recorded Reconciliation of electronic funds Review reconciliation and check it is carried out in the correct accounting transfers and cheques issued with regularly. period. postings to cash payments journal and payable accounts Presentation and disclosure assertions Cash payments are charged Chart of accounts Review cash payments journal to assess to the correct accounts. reasonableness of charging of accounts. Independent approval and review of Review assignment of general ledger account. general ledger account assignment. Sales Cycle
Monthly bank reconciliations prepared and reviewed. Review reconciliations to confirm whether undertaken and reviewed. Only authorised staff can make electronic cash payments and issue cheques. Review delegated list of authority for cash payments Electronic cash payments and cheques prepared only after all source documents have been independently approved. Inspect relevant documentation for evidence of approval by senior personnel. Completeness All cash payments that occurred are recorded. Segregation of duties Observe and evaluate proper segregation Supplier statements independently reviewed and reconciled to trade payable records. Review procedures for reconciling supplier statements. Monthly bank reconciliations prepared and reviewed. Review reconciliations to confirm whether undertaken and independently reviewed. Review of cash payments by manager before release. Inspect sample of listings for evidence of senior review Daily cash payments reconciled to posting to payable accounts. Review a sample of reconciliations for evidence that they have been done. Use of prenumbered cheques. Examine evidence of use of prenumbering Accuracy, classification and valuation Cash payments recorded correctly in the ledger. Reconciliation of daily payments report to electronic cash payment transfers and cheques issued. Supplier statements reconciled to payable accounts regularly. Monthly bank reconciliations of bank statements to ledger account. Review reconciliation, to ensure performed, reviewed and any discrepancies followed up on a timely basis. Review reconciliations for a sample of accounts. Review bank reconciliation for evidence it was done and independently reviewed. Cash payments posted to correct payable accounts and to the general ledger. Supplier statements reconciled to payable accounts regularly. Review reconciliations for a sample of accounts Agreement of monthly cash payments journal to general ledger posting. Review postings from journal to general ledger Payable accounts reconciled to general ledger control account Review reconciliation, to ensure performed, reviewed and any discrepancies followed up on a timely Cut-off Cash payments are recorded in the correct accounting period. Reconciliation of electronic funds transfers and cheques issued with postings to cash payments journal and payable accounts Review reconciliation and check it is carried out regularly. Presentation and disclosure assertions Cash payments are charged to the correct accounts. Chart of accounts Review cash payments journal to assess reasonableness of charging of accounts. Independent approval and review of general ledger account assignment. Review assignment of general ledger account. Sales Cycle
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