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Write 5 pages thesis on the topic case studies. g the test of controls for cash in the case of The Ourtown Independent School District should have the following questions answered by yes, no, or not a
Write 5 pages thesis on the topic case studies. g the test of controls for cash in the case of The Ourtown Independent School District should have the following questions answered by yes, no, or not applicable. If the answer is no, the next for any of the following questions pertaining to cash receipts for agency should lead us to conduct more extensive test on balances since such negative answer or answers will denote a weakness of the internal control that would affect the materiality of misstatement in the accounts pertaining to the company under audit.
The Ourtown Independent School District’s cash disbursements, answers to the following questions s will assist in assuring that all payments are properly approved, recorded, and supported by appropriate documentation as way of testing the presence of appropriate controls.
Since internal control includes all the policies and procedures to safeguard the school district’ assets, an analysis of the journal entries should also be evaluated. Accounting realities may provide the special opportunity to make adjustments to accounting records. Although the general journal is used as basis to record non cash items, it is also as important as the other books of original entry namely the cash receipts and cash disbursements journals. Entries made could used to hide the fraud committed on case. hence the answers to the following questions are desirable for the test of controls for cash:
Part of good internal control for cash is the existence of trust fund system which requires the practice of establishment and maintenance of petty cash. To ensure the same, the following questions could be used to evaluate whether controls are meant to provide for a timely recording of expenditures of cash in the accounting system:
A good internal control for cash requires periodic bank account reconciliation, which is a primary tool for assuring the proper recording and accounting for all cash account activity.
