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GDB (ACC311)

Fundamental of Auditing

Covering Lecture 23-31

Topic for Discussion: “Testing the Cash System”

Learning Objectives:

  • To assess the knowledge related to verification approaches during audit
  • To understand the process of testing the cash system
  • To know the importance of cash transactions in the business
  • To asses and understand areas where control procedures over cash transactions should be applied

Scenario:

Cash is the most liquid yet highly un-secured asset of any business for which a strict internal control system is always desirable. The control over cash is the prime concern of every business entity. It is the type of asset, which is most likely to disappear, if not handled carefully. Zee Ltd. – an agricultural based manufacturing concern, located in the heart of XYZ village, is seeking the audit services for the matters where cash transactions are involved. You have been assigned the task to audit the cash system of Zee Ltd. to identify areas where control procedures over cash matters are required to apply.

Important Instructions:

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Dear Students Don’t wait for solution post your problems here and discuss ... after discussion a perfect solution will come in a result. So, Start it now, replies here give your comments according to your knowledge and understandings....

 Verification approaches during audit

Verification means 'Proving the truth' or 'Confirmation'. Confirmation is a reviewing procedure wherein inspector fulfill himself with the real presence of benefits and liabilities showing up in the Statement of Financial position.

Testing the cash system

The essential review methodology utilized in testing cash balances is confirmation. So as to test affirmation, evaluators request that the organization's investors check the parity of the bank accounts legitimately; reactions are sent exclusively to the auditors.

Cash transactions in the business

"A cash transaction is where transaction is settled right away" Then again, installment for a credit transaction is settled sometime in the not too distant future. Make an effort not to consider cash and credit exchanges as far as how they were paid, yet rather, when they were paid.

Control procedures over cash transactions

Internal control procedures for the receipt of cash help your small business prevent loss due to employee fraud and accounting errors. These controls are planned to confine access to cash to determined employees and check that all receipts, discounts or moves are recorded accurately and in a convenient way.

GDB Solution:

Verification approaches during audit

Verification means 'Proving the truth' or 'Confirmation'. Confirmation is a reviewing procedure wherein inspector fulfill himself with the real presence of benefits and liabilities showing up in the Statement of Financial position.

Testing the cash system

The essential review methodology utilized in testing cash balances is confirmation. So as to test affirmation, evaluates request that the organization's investors check the parity of the bank accounts legitimately; reactions are sent exclusively to the auditors.

Cash transactions in the business

"A cash transaction is where transaction is settled right away" Then again, installment for a credit transaction is settled sometime in the not too distant future. Make an effort not to consider cash and credit exchanges as far as how they were paid, yet rather, when they were paid.

Control procedures over cash transactions

Internal control procedures for the receipt of cash help your small business prevent loss due to employee fraud and accounting errors. These controls are planned to confine access to cash to determined employees and check that all receipts, discounts or moves are recorded accurately and in a convenient way.

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