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Testing The Cash System-Fundamentals of Auditing-Lecture Notes

Lecture Notes, Fundamentals Of Auditing

Post: August 4th, 2012
Description
Audit is an independent examination of financial statements. This course teaches who can be auditor, importance of audit and distinction in auditing and accounting. This lecture handout contain: Testing, Cash, System, Cheques, Control, Post, Sum, Payment, Petty, Sales
Audit is an independent examination of financial statements. This course teaches who can be auditor, importance of audit and distinction in auditing and accounting. This lecture handout contain: Testing, Cash, System, Cheques, Control, Post, Sum, Payment, Petty, Sales
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Contents
Lesson 28 TESTING THE CASH SYSTEM Control Objectives The control of cash is clearly of prime importance in any business. Cash is the asset which is most likely to disappear. The central objectives are that: a) all sums due to the company are received and subsequently accounted for b) no payments are made which should not be made c) all receipts and payments are promptly and accurately recorded. Beyond this, it is better to consider detailed controls for each area of the business dealing with cash. In reality there is not one 'cash system' in the same way as there is a sales cycle for example; there are a number of systems which have their own considerations as to control due to the specific circumstances of that part of the business. You should appreciate that the cash system also refers to cheque receipts and payments. Businesses should try as much as possible to conduct all their cash transactions by means of cheques or other forms of bank transfers as controls over cheque transactio..

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