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1、Financial Accounting,BY 周卉 Vivian Tel:13286006815 QQ: 44003160 Email: zhouhuivivian,Chapter 8 INTERNAL CONTROL AND CASH,CHAPTER 8 INTERNAL CONTROL AND CASH,STUDY OBJECTIVES After studying this chapter, you should understand:,The plan of organization and all related methods and measures adopted by a
2、business in order to:,STUDY OBJECTIVE 1 DEFINITION OF INTERNAL CONTROL,Safeguard assets,Enhance accuracy and reliability of accounting records,STUDY OBJECTIVE 2 PRINCIPLES OF INTERNAL CONTROL,6.Other Controls,3.Documentation procedures,5.Independent internal verification,2.Segregation of duties,4.Ph
3、ysical, mechanical, & electronic controls,1.Establishment of responsibility,Illustration 8-1,Control is most effective when only one person is responsible for a given task.,1. ESTABLISHMENT OF RESPONSIBILITY明确责任,eg. Only one cashier should operate a cash register during a shift. eg. Only one designa
4、ted person is assigned to authorize checks to make payment,Application of this principle: 1)Related activities should be assigned to different employees -eg. Related purchasing activities 2)Record-keeping separate from physical custody -eg. Inventory count -eg. The cashier should not update the acco
5、unting records. the work of one employee should provide a reliable basis for evaluating the work of another employee.,2. SEGREGATION OF DUTIES职责划分,Documents are forwarded to accounting department promptly Documents are pre-numbered Sequence is accounted for,3. DOCUMENTATION PROCEDURES 凭证编制程序,Checks
6、have sequential numbers. Missing check numbers are investigated.,Safes, vaults, and safety deposit boxes for cash and business papers Locked warehouses and storage cabinets for inventories and records Computer facilities with pass key access,4. PHYSICAL CONTROLS物理手段控制,Designed to safeguard assets an
7、d accounting records Also designed to restrict access,4. MECHANICAL AND ELECTRONIC CONTROLS机器手段控制,Alarms to prevent break-ins Television monitors and garment sensors to deter theft Time clocks for recording time worked,Review, comparison, & reconciliation of data prepared by another employee Require
8、ment: 1.Periodically or On a surprise basis 2.By an independent person 3. Discrepancies and exceptions should be noted and reported,5. INDEPENDENT INTERNAL VERIFICATION独立的内部核查,Example: head cashier compares daily sales summaries with cash register tapes.,In large companies often assigned to internal
9、 in the internal auditing department,Independent Internal Verification,Accounting Employee A,Assistant Cashier B,Assistant Treasurer C资金管理专员,Segregation of Duties,SEGREGATION OF DUTES VS. INDEPENDENT INTERNAL VERIFICATION,Maintains cash balance per books,Maintains custody of cash on hand,Makes month
10、ly comparisons. Reports differences to treasurer.,Bonding employees who handle cash Rotation of duties轮换 Mandatory vacation,6. OTHER CONTROLS,Mandatory vacations make it impossible for a bookkeeper to permanently conceal “irregular” activities.,LIMITATIONS OF INTERNAL CONTROL,Cost-Benefit Considerat
11、ions The cost of implementing a control should be less than the perceived benefit.,Human Element A system is only as good as the people operating it.,Collusion合谋 Two people may conspire to override a control,Size of companies,Internal control over cash is imperative(强制性的) in order to safeguard cash
12、and assure the accuracy of the accounting records for cash. Cash includes coins, currency, checks(支票), money orders(汇款单), and money on hand or on deposit at a bank or similar depository.,CASH现金,STUDY OBJECTIVE 3 INTERNAL CONTROL FOR CASH RECEIPTS,1.Only designated personnel are authorized to handle
13、or have access to cash receipts. 2.Different individuals should: -receive cash，have custody of cash -record cash receipt transactions,STUDY OBJECTIVE 3 INTERNAL CONTROL FOR CASH RECEIPTS 现金收入的内控制度,3.Register tapes, remittance advices汇款通知 and deposit slips 4.Cash should be stored in safes and bank va
14、ults and access to storage areas should be limited to authorized personnel,INTERNAL CONTROL FOR CASH RECEIPTS,5.Daily cash counts and daily comparisons of total receipts. 6.Others: -All personnel who handle cash receipts are bonded and required to take vacations. -Cash registers are visible to custo
15、mers.,INTERNAL CONTROL FOR CASH RECEIPTS,Internal control for Cash Receipts Over the Counter,1.Cashier收银员 enters the amount of the sale on the keypad and so onto the cash register tape现金小票. -The terminal should be positioned so that customers can see the amount the cashier enters into the cash regis
16、ter. -The cash drawer should open only when the sales clerk enters an amount on the keypad. -The roll of tape locked inside the machine records each sale and cash transaction. 2.The head cashier收银部门主管 counts the cash in the drawer, compares the cash in the drawer and the amount in the register tape to prepare the daily cash summary每日现金汇总 3.At the end of the day, the head cashier deposits the cash in the bank and obtain the deposit slip存款单. 4.-One copy
