Pbl Report
ACKNOWLEDGEMENT
TABLE OF CONTENT
INTRODUCTION
PBL 1
BANDARAYA CONSTRUCTION BERHAD
PBL 2
PERTAMA OIL AND GAS SERVICES SDN BHD
a) The weaknesses of internal accounting control:
First relating to the purchasing of Pertama Oil and Gas services Sdn Bhd, the weakness that detected in this case is the buyer makes a verbal order to the vendor. Then, the purchase order (PO) are processed and sent to vendor. This could see when the buyer phones the vendor and requesting a price quotation and then gives the vendor a verbal order. This weakness can effects the order and purchase order in terms of the amount of the items they want to purchase. This contrary will caused them to cancel the purchase transaction. Next, the buyer orally informed by receiving departments that’s the items ordered had received. . There is no any document that shows the equipment had received by the department to be file with the purchase order.
Next is relating to receiving department which is there is no invoice given by the vendor. In this case, the receiving clerk stamp the purchase order with the date received and if applicable in red pen write any differences between quantity on the purchase order and quantity received. Other than that, the receiving clerk only orally notifies purchasing department about receiving of the item. Therefore, there is no any proof that can be show about receiving of goods.
Besides that, in account payable department, there is no complete double entry of the transactions which is the increasing of the 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
TABLE OF CONTENT
INTRODUCTION
PBL 1
BANDARAYA CONSTRUCTION BERHAD
PBL 2
PERTAMA OIL AND GAS SERVICES SDN BHD
a) The weaknesses of internal accounting control:
First relating to the purchasing of Pertama Oil and Gas services Sdn Bhd, the weakness that detected in this case is the buyer makes a verbal order to the vendor. Then, the purchase order (PO) are processed and sent to vendor. This could see when the buyer phones the vendor and requesting a price quotation and then gives the vendor a verbal order. This weakness can effects the order and purchase order in terms of the amount of the items they want to purchase. This contrary will caused them to cancel the purchase transaction. Next, the buyer orally informed by receiving departments that’s the items ordered had received. . There is no any document that shows the equipment had received by the department to be file with the purchase order.
Next is relating to receiving department which is there is no invoice given by the vendor. In this case, the receiving clerk stamp the purchase order with the date received and if applicable in red pen write any differences between quantity on the purchase order and quantity received. Other than that, the receiving clerk only orally notifies purchasing department about receiving of the item. Therefore, there is no any proof that can be show about receiving of goods.
Besides that, in account payable department, there is no complete double entry of the transactions which is the increasing of the 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