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revenue system (ordering (risks (control objectives (controls (tests of…

- - - - controls
        
        tests of controls
        
        check that references are being obtained for all new customers
        
        check that all new accounts on the receivables ledger have been authorised by senior staff
        
        check that orders are only accepted from customers who are within their credit terms and credit limits
        
        check that customers orders are being matched with production orders and despatch records
        
        segregation of duties; credit control, invoicing & inventory despatch
        
        authorisation of credit terms to customers
        
        references/ credit checks obtained
        
        authorisation by senior staff
        
        regular review
        
        authorisation for changes in other customer data
        
        change of address supported by letterhead
        
        deletion requests supported by evidence of balances cleared/ customer in liquidation
        
        orders only accepted from customers who have no credit problems
        
        sequential numbering of blank pre-printed order documents and subsequent checking ò sequence for completeness
        
        correct prices quoted to customers
        
        matching of customer orders with production orders and despatch records and querying of orders not matched
        
        dealing with customer queries
      - goods and services are only supplied to customers with good credit ratings
      - customers are encouraged to pay promptly
      - orders are recorded correctly
      - orders are fulfilled
  - - - control objectives
        
        controls
        
        tests of controls
        
        authorisation of despatch of goods
        
        examination of goods outwards as to quantity, quality and condition
        
        all despatches of goods are recorded
        
        all goods and services sold are correctly invoiced
        
        all invoices raised relate to goods and services supplied by the business
        
        credit notes are only given for valid reasons
      - goods may be despatched bu not recorded so they are lost to the business
      - goods may be despatched but not invoiced for
      - invoices may be raised in error with resulting customer identification
      - invoices may be wrongly cancelled by credit notes resulting in loss to the business