Accounting controls
- Created by: Yzyl Quintana
- Created on: 04-04-18 16:24
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- Benefits of accounting controls
- Whether or not customers are allowedpurchase goods on CR
- Checks the various control that are in place to ensure they are working satisfactorily
- Look out for segregation of duties
- E.g. 1 The same person will not both invoice customers and act as cashiers when payment is received
- E.g 2 If someone claims reimbursement of an expense, it will be authorised for payment by someone else
- Look out for segregation of duties
- All these controls are 'organisational'
- They don't directly impose controls over the accounting data
- Also don't ensure that the accounting entries are correct
- One control measure that does is BANK RECONCILIATION
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