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Objective On Internal Control For Cash Management

The document outlines audit objectives for cash management, non-current asset management, and long-term liabilities and equity management. For cash management, the objectives are to ensure proper segregation of duties, authorization of payments, accurate recording of cash balances, secure handling of cash, and budgeting of cash use. For non-current assets, the objectives include controlling capital expenses, segregation of duties, complete recordkeeping for depreciation and taxes, and documenting asset revaluations. For long-term liabilities and equity, the objectives are authorizing transactions, ensuring timely payments and loan maturity payments, complete recordkeeping, independent verification of transactions, and ensuring compliance with reporting standards.

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Lun Ding
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31 views2 pages

Objective On Internal Control For Cash Management

The document outlines audit objectives for cash management, non-current asset management, and long-term liabilities and equity management. For cash management, the objectives are to ensure proper segregation of duties, authorization of payments, accurate recording of cash balances, secure handling of cash, and budgeting of cash use. For non-current assets, the objectives include controlling capital expenses, segregation of duties, complete recordkeeping for depreciation and taxes, and documenting asset revaluations. For long-term liabilities and equity, the objectives are authorizing transactions, ensuring timely payments and loan maturity payments, complete recordkeeping, independent verification of transactions, and ensuring compliance with reporting standards.

Uploaded by

Lun Ding
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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AUDIT FOR CASH MANAGEMENT

Objective on Internal control for cash management: 1. They must have a Segregation of duty to secure cash receivable 2. All payment must have been authorized by personnel that have a power 3. All cash must be properly recorded, recorded cash balance matches cash on hand and/or on deposit. 4. All balance must be kept in good, secure manner 5. Management must make an early plan to budget the useful of the cash.

Objective for cash audit: 1. 2. 3. 4. Make sure all record have good faith Make sure cash balance are reasonable, Check back all cash transaction Make sure they kept money in secure place 5. Make sure management have followed a proper standard that have been set up.

AUDIT FOR NON CURRENT ASSET MANAGEMENT


Objective on Internal control for NON CURRENT ASSET management: 1. Control all expenses regarding buying non current asset from capital budgeting 2. Segregation of duty. 3. Provide a complete information for accumulate depreciation, aging, tax report, insurance and maintenance 4. Gather all document for revaluation on asset

Objective for NON CURRENT ASSET audit: 1. Check all supporting document to depreciation and current value of asset 2. Make sure any additional asset have been recorder properly and differentiate between capital expenses and revenue expenses 3. Make sure all disposal on asset have been recorded properly with any gain or loss on disposal 4. Make sure all depreciation are reasonable 5. Make sure asset are exist 6. To know who is the ownership on the asset and leases (if any)

AUDIT FOR LONG TERM LIABILITIES AND EQUITY


Objective on Internal control for LONG TERM LIABILITIES & EQUITY management: 1. Give authorization to any transaction regarding of allocate new share or make anew long term loan 2. Make sure all payment have been made with the interest and it in control 3. Make sure all cheque have been made when loan term has come to its maturity 4. Make sure all document are in a complete record 5. Make sure they is a independence checker to all transaction Objective for LONG TERM LIABILITIES & EQUITY audit: 1. 2. 3. 4. 5. 6. 7. Check whether balance on account is reasonable Check all item must be relevance to every document Check all record Make sure all calculation is correct Make sure the item are exist Check all long term liabilities and equity Make sure all report is done through standard that have been set up.

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