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Unit 1 - Revision - Coggle Diagram
Unit 1 - Revision
The internal control
Occurrences/Validity
Authorisation
Completeness
Accuracy
Recording
Classification
Cutt-off
General control
Documents in the cycle
Minutes of shareholders/directors
Debenture trust deed
Prospectus
Share certificate
Loan/lease contract
Mortgage bond
Journal voucher
Functions in a cycle
Capital Budgets
Fixed asset requisition with quote/negotiated prices
Minutes of board of directors (authorization of purchases
and sales
Invoices (purchases and sales)
Fixed asset register
Substantive testing
Existenance
Rights and Obligation
Valuation
Completeness
Presentation and disclosure
Weaknesses and recommendation
Buying a machine without getting a quotation is a weaknesses
Recommendation is to get multiply quotation to compare quotes
Not having multilevel password for your banking is a weaknesses
Recommendation is to always make sure you have a multilevel password to safeguard your banking