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Terms Of Reference
Subject
Cash Collection and Security
Audit Reference Number
Establishment
Aim Of Audit:
To carry out detailed checking of cash collection,
security, banking and reconciliation to the
Institutions financial accounts.
Scope Of Audit:
The examination and evaluation of the adequacy
and effectiveness of the University's system of
internal control for the collection of cash in
financial year 199?/9?
Terms Of Reference:
1. To review the reliability and integrity of financial
and operating information and the means used to
identify, measure, classify and report such information.
2. To ensure that cash collection functions are carried
out in accordance with Institutional policies and
procedures. Financial regulations and accounting
instructions should be comprehensive, generally understood
and applied.
3. To review the means used to safeguard assets (cash)
from loss.
4. To appraise the economy and efficiency with which cash
collection resources are employed.
5. To ascertain whether or not the operations and
results are consistent with the Institutional aim of
maximising cash flow.
I fully understand the aims and objectives of the audit as
explained to me by the Internal Auditor:
Signed:
Designation:
Date:
Control Objectives
The objectives of controls should be to ensure that:
1. Written instructions have been issued to and
acknowledged by all staff handling or accounting for
money.
2. Receipting stationery is adequately controlled.
3. Records are kept to ensure that income is received from
all cash points.
4. When cash is handed over a written receipt is issued at
that time.
5. Cash is securely held at all appropriate locations.
6. Collections of cash are receipted and banked promptly,
in full.
7. Reconciliation procedures correctly account for cash
receipted.
in Schools and administrative departments
Finance Department Income & Payments Office
posting to appropriate ledgers
bank statement reconciliation
Institutional financial accounts.
AUDIT PROGRAM
Subject
Audit Reference Number
Establishment
C
S
CO
Compliance Test
Substantive Test
Control Objective
C/S
Audit Test
CO
Method
CASH COLLECTION
S
Receipting stationery is
adequately controlled.
Reconciliation procedures
correctly account for cash
receipted.