What do you understand by internal control, Corporate Finance

Question:

The District Cash Offices represents the decentralisation of services provided by the Accountant - General Department, specially in the collection and accounting of revenues and the payment of salaries, allowances and pensions, witness fees and alimony. There are nine such offices.

These records are kept and a copy of the records is sent to the Director of Audit:
(i) Receipt Cash Book (ABF 169)
(ii) Payment Cash Book (ABF 170)
(iii) Stock Register
(iv) Analysis Register (ABF 124)

Required:

(i) What do you understand by internal control?

(ii) Describe the internal control objectives on revenue.

(iii) List down the audit work you would perform on both the receipts and payments at the District Cash Office.

Posted Date: 11/16/2013 12:39:27 AM | Location : United States







Related Discussions:- What do you understand by internal control, Assignment Help, Ask Question on What do you understand by internal control, Get Answer, Expert's Help, What do you understand by internal control Discussions

Write discussion on What do you understand by internal control
Your posts are moderated
Related Questions
differentiate between allocative efficiency and pricing efficiency

You have just graduated from Stanford''s MBA program and have secured a position as a fund manager for a well known investment banking house. You have been given $300 million to m

The managing directors of three profitable listed companies discussed their company’s dividend policies at a business lunch. Company A has deliberately paid no dividends for the p


Many strategic decisions fail because they do not attend to the interests and information held by key stakeholders. This scenario has prompted a stakeholder's approach to cor

Firm A has $10,000 in assets entirely financed with equity. Firm B also has $10,000 in assets, but these assets are financed by $5,000 in debt (with a 10 percent rate of interest)

Question: (a) Define foreign exchange rate risk and the three different type of exchange rate risks. Illustrate the three types of risks with examples. (b) Identify and ou


A tax rate of 20% has been introduced in the Frog Islands Republic. The value of Sun corporation is now 100.000€. Bright Star Co. debt has no changed. The required rate of return t

Ask question #Minimum 100 words accepted FIN 610 Milestone One Guidelines and Rubric Overview: For this first milestone, which is due in Module Three, you will describe each of the