Cheque Payments – NBC Institute

AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

Question

As the Chief Finance Manager of a company, design an internal control for the company with respect to:
i) Cheque payments (10 marks)
ii) Bank reconciliation (5 marks)

Answer

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Tags: Bank Reconciliation, Cheque Payments, Financial Controls, Internal Control
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: MAY 2017

AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

Question

Automaga Ltd has recently acquired the controlling interest in Alkars Ltd, who are importers of car spare parts. In reviewing the organisational structure of Alkars Ltd, Automaga Ltd noticed a weakness in the procedures for the signing of cheques and the operation of the petty cash system. Automaga Ltd engaged you as the company’s auditor and requested that you review the controls over cheque payments and petty cash. Cheques are drawn almost every week and the petty cash account normally has a working balance of about GH¢600, and GH¢1,200 is expended from the fund each month.

Required:
Prepare a letter to Automaga Ltd highlighting your recommendations for good internal control procedures for:
i) Cheque payments. (5 marks)
ii) Petty cash. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Cheque Payments, Internal Control, Petty Cash
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2024

AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

Question

As the Chief Finance Manager of a company, design an internal control for the company with respect to:
i) Cheque payments (10 marks)
ii) Bank reconciliation (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Reconciliation, Cheque Payments, Financial Controls, Internal Control
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: MAY 2017

AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

Question

Required:
Prepare a letter to Automaga Ltd highlighting your recommendations for good internal control procedures for:
i) Cheque payments. (5 marks)
ii) Petty cash. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Management, Cheque Payments, Internal Control, Petty Cash
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAR 2024

Question Tag: Cheque Payments

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AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

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Question Tag: Cheque Payments

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AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

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AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

You're reporting an error for "AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit"

AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment

Design of internal control systems for cheque payments and bank reconciliation.

You're reporting an error for "AA – May 2017 – L2 – Q2c – Audit and Assurance Risk Environment"

AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit

Recommend internal control procedures for cheque payments and petty cash systems for Automaga Ltd.

You're reporting an error for "AA – Mar 2024 – L2 – Q5b – Internal Audit and Its Relationship with External Audit"

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