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Vũ Quốc Thông (PhD.)
10/10/2020
Chapter 6
Vũ Quốc Thông (PhD.)
Objective
Describe the nature of cash and the importance of
internal control over cash
Summarise basic procedures for achieving internal
control over cash receipts
Summarise basic procedures for achieving internal
control over cash payments
Describe the nature of a bank account and its use in
controlling cash
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Vũ Quốc Thông (PhD.)
10/10/2020
Contents
Importance of cash and cash controls
Internal Control
Internal Control for Cash
Bank Account
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Importance of cash and cash controls
Cash: coins, paper money, cheques, and fixed deposits
with banks
Cash is needed for everyday operation of any business
High risk of loss safeguard needed
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Vũ Quốc Thông (PhD.)
10/10/2020
Internal Control
Policies, procedures within organisation (effected by
BOD and BOM) to give reasonable assurance of
achieving objectives:
Asset protection
Effectiveness of operation
Compliance with laws and regulations
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Internal Control
Control Environment.
Risk Assessment
Information and Communication
Control Activities
5 Components
Monitoring
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Vũ Quốc Thông (PhD.)
10/10/2020
Internal Control
Risk Assessment
Monitoring
Control
Environment
Control Activities
Information and
Communication
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Internal control
Control activities:
Segregation of duties
Authorization of transactions
Retention of records
Supervision or monitoring of operations
Physical safeguards
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Vũ Quốc Thông (PhD.)
10/10/2020
Segregation of duties
Separating authorization, custody, and record keeping
roles to prevent fraud or error by one person.
No one person should (altogether):
Initiate transaction
Approve transaction
Record transaction
Reconcile balances
Handle assets
Review reports
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Authorization of transactions
Review of particular transactions by an appropriate person.
Normally by supervisor.
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Vũ Quốc Thông (PhD.)
10/10/2020
Retention of records
Maintaining documentation to substantiate transactions.
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Supervision or monitoring of operations
Observation or review of ongoing operational activity.
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Vũ Quốc Thông (PhD.)
10/10/2020
Physical safeguards
Usage of cameras, locks, physical barriers, etc. to protect
property, such as merchandise inventory.
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Internal Control for Cash
Purchase
(goods, raw
material)
Sale
Cash
Debt
Collecting
Bank
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Vũ Quốc Thông (PhD.)
10/10/2020
Internal Control for Cash
Cash Receipts
2. Cash Payments
1.
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Internal Control for Cash Receipts
Received from Cash Sales
Cash
Register
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Vũ Quốc Thông (PhD.)
10/10/2020
Internal Control for Cash Receipts
Received in the Mail
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Internal Control for Cash Payment
Payment by cheques, petty cash or electronic funds
transfer
Supporting documents are needed
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Vũ Quốc Thông (PhD.)
10/10/2020
Bank Account
Business may have several bank accounts
Check
Check
Payee
Bank
(Drawee)
Drawer
Money
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Bank Account
Bank statement
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Vũ Quốc Thông (PhD.)
10/10/2020
Bank Account
Bank account could be used as a Control Over Cash as
it provides a second record of cash transactions.
Payment should not be made out of the cash receipts!
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