本文发表在 rolia.net 枫下论坛Based on the cheque run process yuanfei has wonderfully shared, I wish to highlight the key risks and contol points.
When you have explained clearly how the process runs, it will be an good add-on if you can also explain to the interviewer what you think are the key risks and control points.
To streamline the process, it is important to
1 At beginning of fiscal year, determine and communicate a clear cheque run schedul at annual planning.
2. In between cheque runs, communicate to user department a deadline/cut off date to inform AP of cheque payment request and submit invoices to AP.
3. Clarify policy on cheque run on demand (i.e ad-hoc requests in addition to reguar runs).
To manage the risks in this important AP sub-process, key consideration can be:
1. To produce accurate and complete cheque register, ensure vendor record is accurate, complete, updated, and any changes or additions to vendor records are properly authorized.
2. To ensure cheque register information accurately flows to payment batch, document review and sign off of cheque register. After payment batch is created, ensure reconcilation between register and payment batch, is either reviewed manually or supported by system testing at initial system implementation and regular system admin.
3. Restricted access to the pinter designated for cheque run.
4. Controlled access to blank and printed cheques; safe depoist if cheques need to stay in compnay overnight.
5. Proper back up to supprot G/L entry. Post-posting supervisory review to reconcile cheque run total to G/L amount.
6. Ensure key controls reports (cheque register and posting journal) are reviewed on a timely basis and discrepancies are followed up with documted evidence.更多精彩文章及讨论，请光临枫下论坛 rolia.net
When you have explained clearly how the process runs, it will be an good add-on if you can also explain to the interviewer what you think are the key risks and control points.
To streamline the process, it is important to
1 At beginning of fiscal year, determine and communicate a clear cheque run schedul at annual planning.
2. In between cheque runs, communicate to user department a deadline/cut off date to inform AP of cheque payment request and submit invoices to AP.
3. Clarify policy on cheque run on demand (i.e ad-hoc requests in addition to reguar runs).
To manage the risks in this important AP sub-process, key consideration can be:
1. To produce accurate and complete cheque register, ensure vendor record is accurate, complete, updated, and any changes or additions to vendor records are properly authorized.
2. To ensure cheque register information accurately flows to payment batch, document review and sign off of cheque register. After payment batch is created, ensure reconcilation between register and payment batch, is either reviewed manually or supported by system testing at initial system implementation and regular system admin.
3. Restricted access to the pinter designated for cheque run.
4. Controlled access to blank and printed cheques; safe depoist if cheques need to stay in compnay overnight.
5. Proper back up to supprot G/L entry. Post-posting supervisory review to reconcile cheque run total to G/L amount.
6. Ensure key controls reports (cheque register and posting journal) are reviewed on a timely basis and discrepancies are followed up with documted evidence.更多精彩文章及讨论，请光临枫下论坛 rolia.net