I have a question. I am doing revenue report project. I have to write an efficient...

I have a question. I am doing revenue report project. I have to write an efficient and effeictive means of testing the control. For payment control, the related assertion is Accuray, and Completeness. Possible test of effectiveness is
observe card and cash transaction procedures from start to finish. I can't come up with any other effectivness. Please help me. Thanks.

Expert Solution

Payment control

Identify the cash and credit card transactions;
Cash collection spreadsheet to be prepared cash and credit team must be reconciled on a daily basis with bank statements;
Cash application analyst maintains a daily log of the Electronic Bank Statements (EBS) and agrees them to the SAP postings to ensure accuracy. Any missing postings will be investigated and corrected to complete the postings
Invoice load (Accounts Receivable) and AR Balances (Collections) reconciliation is completed to ensure the total amount and count loaded into the source systems are the same that were sent. Reconciliations are reviewed and approved by independent persons for completeness and accuracy
Segregation of Duties (SOD): a) Individuals who handle cash/card receipts do not: - Prepare or approve customer invoices; - Prepare bank or account reconciliations; - Apply cash receipts to customer accounts; or - Perform collection follow-up procedures
Unapplied receipts to be investigated at a customer level. Further, ageing analysis to be reviewed on a monthly basis for balances above 90 days by the Credit Manager and sent monthly to the financial officer

ekkarill92 answered 2 years ago

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