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Control Over FR

The document outlines controls for various accounting activities including revenue, accounts receivable, purchases, accounts payable, and payroll. It discusses preventive controls such as restricting access to accounting software and detective controls like monthly reconciliations between subledgers and the general ledger. Performance is monitored through management reports reviewed by various managers. The preparation of financial statements follows a process of importing the trial balance into a template, performing necessary adjustments, and exporting the statements for review to ensure compliance with accounting standards.

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arunsjain
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24 views4 pages

Control Over FR

The document outlines controls for various accounting activities including revenue, accounts receivable, purchases, accounts payable, and payroll. It discusses preventive controls such as restricting access to accounting software and detective controls like monthly reconciliations between subledgers and the general ledger. Performance is monitored through management reports reviewed by various managers. The preparation of financial statements follows a process of importing the trial balance into a template, performing necessary adjustments, and exporting the statements for review to ensure compliance with accounting standards.

Uploaded by

arunsjain
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Controls Control Activities

a) Revenue

b) Accounts receivables

c) Purchases

d) Accounts payable

c) Treasury

d) Payroll

e) General Ledger

f) Trial Balance

g) Financial Statements

Preventive and Detective Controls Preventive Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Timber sales reconciliation between G.L and Scion system on monthly basis. Performance monitoring Review of monthly management report by Chief Financial Officer and Regional Managers and analysis among actual, forecasted and budgeted revenue. Preventive Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Accounts receivables reconciliation between G.L and accounts receivable system on monthly basis. Performance monitoring Review of monthly debtors age analysis report by Chief Financial Officer, Credit Controller and Regional Managers. Review of provision of doubtful debts. Preventive Approving and authorisation of purchase orders in accordance with financial delegations. Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Reconciliation of capital purchases in fixed assets register with G.L on monthly basis. Performance monitoring Review of monthly management report by Chief Financial Officer, Regional Managers and analysis among actual, forecasted and budgeted expenditures. Review of purchase and disposal of motor vehicles by Fleet Manager on monthly basis and comparison between budget and actual on monthly basis. Preventive Separating Approval and Payment: A requirement that an employee who is authorised to initiate a payment to a vendor is not also authorized to sign vendor payment checks. Authorisation in accordance with financial delegation. Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Accounts payable reconciliation between G.L and accounts payable system on monthly basis. Performance monitoring Review of monthly creditors age analysis report by AP manager. Preventive Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Bank reconciliation on monthly basis. Performance monitoring Review of weekly cash forecast report by Chief Financial Officer, and Regional Managers.

Preventive Review, approving and authorisation of payroll files. Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Payroll reconciliation between payroll system and G.L on monthly basis. Performance monitoring Review of monthly management report by Chief Financial Officer, Regional Managers and analysis among actual, forecasted and budgeted expenditures. Preventive Controlling access to software programs related to accounting. Limiting the persons who can change IT programs reduces the risk of unauthorized transactions. Detective Key reconciliations are performed on monthly basis: a) Bank reconciliation b) Accounts receivables reconciliation c) Accounts payable reconciliation d) Payroll reconciliation e) Fixed assets reconciliation f) Revenue reconciliation Performance monitoring Review of monthly management report by Chief Financial Officer, Regional Managers and analysis among actual, forecasted and budgeted expenditures. Trial balance is a list of all general ledger accounts which is mapped to the financial statements. Preparation The Corporation uses KPMG model for preparing the financial statements. Process is as follows: a) Import of trial balance in KPMG model b) Pass necessary journal entries to present the accounts in accordance with the Australian Accounting Standards. For example, employee defined benefit actuarial gain/(loss) must be shown separately in the other comprehensive income. c) Export the financial statements in word file which is linked to KPMG excel model. Review Once excel model exported to word file, financial statements first draft is given to Accounting Manager and Chief Financial Officer for its review. One copy is given to internal auditor to review for compliance with the Australian Accounting Standards.

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