LIQUID TELECOM

Cash & Bank

Key Risks Audit Objectives

Cash rolling (teeming & lading)
Failure to account for the cash
resources
To ascertain that all cash receipts are banked intact and timeously
Recorded cash balances exist at the balance sheet date
To obtain assurance that cash generated is held intact
Recorded cash balances are realisable at the amount stated on the balance
sheet
Lines of credit, loan guarantees and other restrictions on cash balances
are properly disclosed
Banking procedures are being followed and cash banked timeously and
intact
Management are reviewing the accounts on monthly basis
Prepared By: Kmusorah
Date: 07.01.15
Reviewed By: Amukuvisi

Audit Response(s)
·         Agree cash remitted as per invoices, receipts and to deposit slip.
·         Check deposit slips for an official bank stamp
·         Trace bank deposit slip to bank statement
·         Check whether banking is timely by comparing the receipt date to the bank stamped deposit slip date

·         Trace entries posted to the cashbook

·         Obtain the current bank reconciliations: -

o    Scrutinise them for long outstanding and unusual reconciling items.
o    Agree cash book balance to the ledger
o    Agree bank statement balance to the actual bank statement.
o    Trace significant reconciling items on the bank reconciliation to subsequent bank statements
o    Scrutinise bank statements for the period for unusual items.
o    Confirm transfers on bank statements with Treasury
·         Inspect bank reconciliations, cash summaries and billing reports for evidence of management review

Perform intial procedures on cash balances and records

Trace opening balances to prior years working papers
Review activity in general ledger accounts for cash
Count undeposited cash on hand
Security  and access of the cash Box / safe
Check if they are using the impress system( a process of reimbursing the cash at a certain optimum level
(parameters)
Check if the petty cash amount is reasonable and the petty cash vouchers are attached to cash payment are
authorised by FM and approved by HOD.
Ensure that a banking policy is in existance
Bank accounts in operation and registered signatories
Obtain a list of all bank accounts and ensure that bank reconciliations were performed
for the entire period under review.

·         Check compliance to RBZ regulations

LIQUID TELECOM

Cash & Bank

Key Risks Audit Objectives

Cash rolling (teeming & lading)
Failure to account for the cash
resources
To ascertain that all cash receipts are banked intact and timeously
Recorded cash balances exist at the balance sheet date
To obtain assurance that cash generated is held intact
Recorded cash balances are realisable at the amount stated on the balance
sheet
Lines of credit, loan guarantees and other restrictions on cash balances
are properly disclosed
Banking procedures are being followed and cash banked timeously and
intact
Management are reviewing the accounts on monthly basis
Prepared By: Kmusorah
Date: 07.08.12
Reviewed By: Amukuvisi
Date: 10.08.12

Audit Response(s)
·         Agree cash remitted as per invoices, receipts and to deposit slip.
·         Check deposit slips for an official bank stamp
·         Trace bank deposit slip to bank statement
·         Check whether banking is timely by comparing the receipt date to the bank stamped deposit slip date

·         Trace entries posted to the cashbook

·         Obtain the current bank reconciliations: -

o    Scrutinise them for long outstanding and unusual reconciling items.
o    Agree cash book balance to the ledger
o    Agree bank statement balance to the actual bank statement.
o    Trace significant reconciling items on the bank reconciliation to subsequent bank statements
o    Scrutinise bank statements for the period for unusual items.
o    Confirm transfers on bank statements with Treasury
·         Inspect bank reconciliations, cash summaries and billing reports for evidence of management review

Perform intial procedures on cash balances and records

Trace opening balances to prior years working papers
Review activity in general ledger accounts for cash
Count undeposited cash on hand
Security  and access of the cash Box / safe
Check if they are using the impress system( a process of reimbursing the cash at a certain optimum level
(parameters)
Check if the petty cash amount is reasonable and the petty cash vouchers are attached to cash payment are
authorised by FM and approved by HOD.
Ensure that a banking policy is in existance
Bank accounts in operation and registered signatories
Obtain a list of all bank accounts and ensure that bank reconciliations were performed
for the entire period under review.

·         Check compliance to RBZ regulations