Part A Employment Internal Control Weakness Specific risk of fraud or error Weakness of authorization procedures‚ According to case‚ Miss Knag call Simon Black to advise him on the relevant salary or wage to be paid to that employee. The risk is new employees would be higher than normal ones. In addition‚ it may give the leader a chance to add the employees who do not actually on work in order to cheat the money from company. Weakness of authorization procedures According to case‚ company has
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and amend the law relating to promissory notes‚ bills of exchange and cheques. The Act does not affect the custom or local usage relating to an instrument in oriental language i.e.‚ a Hundi. The term "negotiable instrument" means a document transferable from one person to another. However the Act has not defined the term. It merely says that "A .negotiable instrument" means a promissory note‚ bill of exchange or cheque payab1e either to order or to bearer. [Section 13(1)] A negotiable
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Identify unpresented and uncredited cheque v) Calculate balance as per bank statement vi) Prepare a bank reconciliation statement KEY TERMS Bank reconciliation statement: A statement prepared to link the bank balance shown in the cashbook with the balance shown on the bank statement. Timing differences: Differences between the bank statement and the cash book that will be corrected over time‚ such as unpresented cheques and outstanding lodgments. Uncredited Cheques: Amounts that have been paid
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bank statement. (3) The paid cheque returned with the December Bank Statement disclosed two errors in the company‚ cash records cheque No. 936 for tk 504 had been erroneously recorded as tk 50.40 in the cash payment journal and cheque No. 942 of tk 245.50 has been recorded as tk 254.5. Cheque No 936 was issued in payment of advertising expenses and cheque No. 942 was for the acquisition of office equipment. (4) Included with the December Bank Statement was on NSF cheque for tk 220 signed by a customer
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payment by issuing cheques to the plaintiff. Due to fair dealing and continuous supply of the material by the plaintiff and payment of bills by defendant no. 03‚ they have developed a friendly relationship. Defendant no. 03 has gained the confidence of the plaintiff and their relations became good and cordial. Defendant no. 03 was also directing defendant no. 02 to issue the cheques directly to E.E.C. Sales Organization. Accordingly‚ defendant no. 02 used to issue the cheques of payment of the goods
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management of stocks and supplies of any material such as computer hardware parts of a company‚ wine supplies of a restaurant‚ and rice stocks of a farm that are in demand because of its efficacy and useful functions. The record manipulation of Cheque Printer consumables has been scrutinized to be cluttered‚ complex and weak as observed by the users who have the access to manipulate it. The reports and documentation are not properly enhanced and organized so there was a lack of information given
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liability of creditor is not recorded. No payment voucher is preparing for the cheque prepared. Payment voucher is sign by person who issue the cheque and will be sign by a vendor who receive that cheque for a proof. Lastly‚ in this case stated that the cheque less than RM10‚000 are machine signed. Therefore‚ there is no segregation of duties between who maintain the keys and signature plate and maintains a record of use of the cheque signing
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Types of Cheque Crossing/ Types Of Cross Cheque: General crossing Special crossing Restrictive crossing General Crossing: A cheque is said to be crossed generally when it bears across its face any of the following: Two transverse(cross) parallel lines. Two transverse parallel lines with the word “And Company” or “And Co”. Two transverse parallel lines with any abbreviation of the word “& Company”. Two transverse parallel lines with the words “Not Negotiable”. Two transverse parallel lines
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No. 1. Introduction 2. Evolution of Negotiable Instruments 3. What are Negotiable Meaning & Definition 4. Negotiable Instruments Act‚ 1881 5. Types of Negotiable Instruments Promissory Notes‚ Bills of Exchange & Cheques 6. Characteristics of Negotiable Instruments 7. Difference between the Negotiable Instruments 8. Exceptions 9. Section 134-137 of an International Law 10. Dishonor of Negotiable Instruments 11. Current Scenario
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existing legal liability and/or debts‚ you issued one A/c. payee cheque under your signature in my favour. Details of the said cheque are as follows: - Cheque No. Cheque Date Drawn on Amount ............... ............. ________ Bank ........... _______Branch _____________ The abovementioned cheque on due presentation through my banker for encashment within
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