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
Continue with the Strategy of choice - Calculate the Net Present Value (NPV) - Determine the Internal Rate of Return (IRR) - Set Electrolux’s Required Rate of Return (RRR) E

You are a new member of the accounting team and have been asked to examine the accounts of Bellatrix and calculate appropriate ratios in order to evaluate the company's performance

You work for a major consultancy firms in corporate finance. Your firm has been approached by one of its major clients to assist them in solving a problem that they have. You have

the managing directors of three profitable listed companies discussed their company''s dividend policies. company A has deliberately paid no dividends for the past five years. comp

Determination of the Best Ordering Policy in Service Organisations In service organisations, the role of procurement is less developed than in manufacturing. This has been due

Lott Corporation showed the following balances in its inventory accounts as of January 1: Raw materials inventory $28,800 Work-in-process inventory 36,000 Finished goods i

what is the major value of the weighted cost of capital calculation for the firm?

I need immediate assistance with a finance project. Could you help?

Suppose that Oxford Inc. is interested in the two new products, AME and CGK. Because of its capital budget constraint, it can only launch one new product line. Eric just graduated

I have been given 3 different types of projects. They state the IRR and how much the project will add. The question goes on to give a WACC with break points. The question wants