Tài liệu FINANCIAL SYSTEMS & AUDIT pptx

FINANCIAL SYSTEMS & AUDIT
SALES CYCLE
Sales cycle summary
Customer Order
Despatch /
fulfillment
Invoice
Receipts
References of credit
checked
Match
Documents
sequenced
Check
Exception reports
Cash with order
Review Ageing
Write offs authorized
Segregation of duties
Control accounts
Objectives of control
•
Sales are made to valid customers
•
Sales are recorded accurately
•
All sales are recorded
•
Cash is collected within a reasonable period
Process Risk Possible control Procedure
Order received •Order might be

forgotten
•Valid order ?
•
Wrong goods /
services
•
Customers unlikely to
pay
•
Goods delivery terms
cannot be met
•Product not available
•Cheap prices given to
friends
1. “Open” order file which is
regularly checked
2. Exception report of unfulfilled
orders
3. All orders confirmed in writing
4. Carry out credit check for the
new customers
5. Establish credit limit, which are
reviewed regularly
6. Inventories checked before
orders accepted or suitable
supply chain for JIT ordering
Sales Cycle…continue
Process Risk Possible control Procedure
Order received
•

Order might be
forgotten
•Valid order ?
•
Wrong goods / services
•
Customers unlikely to
pay
•
Goods delivery terms
cannot be met
•Product not available
•
Cheap prices given to
friends
7. Standard list of delivery times,
prices, discounts that can be given
8. Discounts have to be authorized by
responsible official
9. Pricing and discounts held centrally
in IT system
10. Changes to authorized prices and
discount can only be made by
authorized person