What are the specefic control procedures of benchmarking, Financial Management

Assignment Help:

What are the specefic control procedures of benchmarking

Specific control procedures must be in place which include:

O Organisational structure (clear lines of responsibility and authority)

A Authorisation (approval of transactions or limits)

P Personnel (recruitment of trustworthy individuals and the right training)

S Supervision (discourages fraud and improves quality data entry when the work is complex)

P Physical (physical barriers to prevent theft)

A Accounting (reconciliation's, trial balances and input controls)

S Segregation of duties (separate responsibilities between those that record, process and initiate, such as the receipt, recording and banking of cash)

M Management (internal audit, regular review of management accounts and exception reporting)

 


Related Discussions:- What are the specefic control procedures of benchmarking

The relationship between futures price and cash price, The Relationship bet...

The Relationship between Futures Price and Cash Price Any commodity that can be bought in the market has a price, which is referred to as cash or spot price for immediate deliv

present price of the common stock , Church Inc. is currently enjoying rela...

Church Inc. is currently enjoying relatively high growth because of a surge in the demand for its latest product.  Management expects earnings and dividends to grow at a rate of 25

Financial statements of home retail group, Briefly outline the necessities ...

Briefly outline the necessities of the UK version of ISA 700/ 750/ 706 and discuss the factors which would manipulate you as the external auditor in forming an opinion on the finan

Difference in effective annual rate or annual rate, Emily Jill Rogers  is p...

Emily Jill Rogers  is planning to buy a house but needs assistance as to how she will finance the purchase. She has supplied you with some information and asked you to help her wit

Bajaj electronics caselet, how would you judge the potential profit of Baja...

how would you judge the potential profit of Bajaj Electronics on the first year of sales to Booth Plastics and give your views to increase the profit?

Types of investment strategy of hedge funds, Various Types of Strategies ...

Various Types of Strategies Different types of hedge fund strategies are discussed as follows: Relative Value of Strategies: Relative value strategies are also known as no

Reinvestment income, Other than zero coupon bonds, all fixed in...

Other than zero coupon bonds, all fixed income securities make periodic payments in the form of coupon interest. This coupon interest can be rei

Tokyo stock exchange, Tokyo Stock Exchange In the 1870s, a securities s...

Tokyo Stock Exchange In the 1870s, a securities system was introduced in Japan and public bond negotiations began. This resulted in a demand for public trading institution, whi

Ratio calculations from financial statements, Ricardo Martinez has prepared...

Ricardo Martinez has prepared the following financial statement projections as part of his business plan for starting the Martinez Products Corporation.  The venture is to manufact

Visible venture capital, It is the organized and established firms that con...

It is the organized and established firms that constitute the venture capital industry.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd