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工作学习 / 求学深造 / share my notes on recent study- internal control: objectives: validity – all the transactions are valid transaction and have backup to document; completeness – make sure every transaction is recorded;
-jiehe(城乡结合);
2010-3-25
(#5968390@0)
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authorization – the transactions need to be authorized according to company’s policy; accuracy – the record should correctly reflect the transaction and the transaction should be what authorized;
-jiehe(城乡结合);
2010-3-25
(#5968398@0)
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classification – every item needs to be categorized to different class; accounting – make sure the accounting procedure for the transaction are correct and completed;
-jiehe(城乡结合);
2010-3-25
(#5968401@0)
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proper period – make sure all the transactions are recorded in the proper period. Some considerations during the internal control procedure: segregation of duties/responsibilities – authorization,
-jiehe(城乡结合);
2010-3-25
(#5968402@0)
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recording, custody & reconciliation; purchase requisition & PO are signed; inventory warehouse & fix asset are physically secured; accountant records the transactions in proper order and correct time period;
-jiehe(城乡结合);
2010-3-25
(#5968408@0)
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invoice, PO, purchase requisition & other related document should have same quantities and price; reconciliation should be done
-jiehe(城乡结合);
2010-3-25
(#5968411@0)
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by different people; error – checking and periodic comparison should be done on a regular basis;
-jiehe(城乡结合);
2010-3-25
(#5968413@0)