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Purchases & Payments: Test of controls Payments (Validity: (Controls:…
Purchases & Payments:
Test of controls Payments
Validity:
Controls:
CR Pmts supp: a) Preq b)CRState c)CrRecon d)PO,DLN,GRN,INV
TOCs:
Match pmt to: a)Pmtreq b)CrRecon c)paid cheque d) Proof of EFT e) Supp docs PO,GRN,INV,CrState
Authorisation:
Controls:
a)Pmt req auth official b)Two signatories
TOCs:
Pmt - PmtReq inspect: i)sigs ii) supp docs iii)cancel docs iv) follow to eft/cheque: agree name, details, date
Completeness:
Controls:
a)CrCon up to date & recon with CL b)Pmt adv rec numerically, missing investigated
TOCs:
a) Re-perform recon b)Entires Pmt journal - advices- CrAcc c) Inspect list investigate missing nos
Accuracy:
Controls:
a) CRRecons reg, supp doc for pmts b)Calcs checked indp person
TOCs:
Follow pmt-CRRecon i)test calcs ii)vouch to source iii) reviewers sig iv) investigate reconciling items
Recording:
Controls:
Pmt posted from advices to CRAcc
TOCs:
Follow pmts-CRAccs
Classification:
Control:
a) Payments coded individually for customer posted on eft date b) Second indp reviews
TOCs:
a) Accuracy tests b) Ensure posted to correct acc on right date
Cut-off
Controls:
Same Classification
TOCs:*
a) Pmts before & after period follow to CRAcc b) Pmts CRAcc - Cashbook before & after period
General Controls:
a) Supervision & review, b) Segregation of duties, c)Rotation of duties d) Stationery control