10-43 Control Matrix

Topics: Procurement, Accounts receivable, Supply chain management terms Pages: 2 (324 words) Published: May 25, 2013
Internal ControlsRecorded Acquistiions are for goods and services received (occurrence)Existing Acquistion Transactions are recorded (complete-ness).Recorded Acquistiions transactions are stated at the correct amounts (accuracy).Recorded Acquistion transactions are properly included in the master files, and are properly summarized (posting and summarization).Acquisition Transactions are properly classified (classification).Acquisition transactions are recorded on the correct dates (timing). Control1Purchase requisition, purchase order, receiving report, and vendor's invoice are attached to the voucher. *CC

2Acquisitions are approved at the proper level.CCC
3Computer accepts entry of purchases only from authorized vendors in the vendor master file.CC
4Documents are cancelled to pevent their reuse.CC
5Vendors' invoices, receiving report, purchase orders, and purchase requisition are internally verified. *CCC
6Purchase orders are prenumbered and accounted for. *CC
7Receiving reports are prenumbered and accounted for.CC
8Vouchers are prenumbered and accounted for.CC
9Calculations and amounts are internally verified.C
10Batch totals are compared with computer summary reports.CCC
11Acquisitions are approved for prices and discountsC
12Accounts payable master file contents are internally verified.CCCCC
13Accounts payable master file or trail balance totals are compared with general ledger balances.CCCC
14An adequate chart of accounts is used.C
15Account clasifications are internally verified.C
16Procedures require recording transaction as soon as possible after the goods and services have been received. C
17Dates are internally verified.C
Deficiencies1Lack of internal Purchase order not approvedD
2Lack of internal Purchase quantities, prices, and / or extensions not correctD
3Lack of...
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