12 23 use internal audits to locate transaction problems in advance

... most information when training is conducted in this manner It is important to identify in advance all possible users of a new system for training, since a few untrained employees can result in ... the above! Since many best practices are closely linked to the latest advances in technology, this is an increasingly common cause of failure To keep from being a victim of programming problems, ... contingencies built into the project plan For example, if the project team is being set up in a new building, there is always a chance that phone lines will not be installed in time To guard against...

Ngày tải lên: 20/06/2014, 18:20

... to pay for invoices with Automated Clearing House (ACH) transfers for some time Their accounting systems create a file of the amounts to be paid and link this to a file containing the banking information ... significant advances in efficiency Also, by including an occasional ‘‘quick-hit” implementation, a controller can point toward a continuing stream of successes, which is useful when trying to obtain funds ... • Laid lines Lines of varying widths and spacing are printed on the back of the check, which makes it difficult to make alterations to the check by cutting and pasting • Prismatic printing The...

Ngày tải lên: 20/06/2014, 18:20

... effort and time that goes into creating and issuing an invoice It must be created and inserted into an invoice printing batch, which in turn requires the use of a customized invoice with prepositioned ... to get a customer to agree to use EDI as the basis for receiving invoices This may take several trips to each customer, including time to send trial transmissions to the customer’s computer to ... 4.2 To begin, the shipping staff determines the amount to be shipped to a customer and enters this amount into the main accounting database The amount in a specific truckload is downloaded into...

Ngày tải lên: 20/06/2014, 18:20

... 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5–24 Use On-Line Budget Updating One of the most difficult problems for a budget manager in a large company is bringing ... collections staff to reduce the error rate of invoices being sent to customers, while also providing new tools to force customers to pay by the due dates listed on company invoices In addition, there ... uneconomical to maintain a lockbox Second, the work required to convince customers to change the company’s pay -to address can be considerable Every customer must be contacted, usually by mail, to inform...

Ngày tải lên: 20/06/2014, 18:20

... why an inventory item is in stock and obsolete may lead to discoveries concerning how parts are ordered and used; changing these practices may lead to a reduction in obsolete inventory in the ... obsolete inventory still in the system Even the best inventory review committee will sometimes let obsolete inventory fall through the cracks and remain in both the warehouse and the inventory database ... of transactions to accumulate and charge to inventory Also, because inventorytracking systems are typically at their worst in the production area (as opposed to the controlled environment in...

Ngày tải lên: 20/06/2014, 18:20

... procedures 12 22 Use cycle counting to avoid month-end counts 12 23 Use internal audits to locate transaction problems in advance (continues) ch12_4773.qxd 12/ 29/06 9:24 AM Page 268 268 Financial ... Eliminate small accruals 12 12 Reduce investigation levels Work Management 12 13 Assign closing responsibilities 12 14 Compress billing activities 12 15 Conduct transaction training 12 16 Continually ... Work Automation 12 6 Automate recurring journal entries 12 7 Automate the cutoff Work Elimination 12 8 12 9 Avoid the bank reconciliation Defer routine work 12 10 Eliminate multiple approvals 12 11...

Ngày tải lên: 20/06/2014, 18:20

... costing Inventory value reporting Accounts Payable Invoice Entry Entering an invoice Matching an invoice to a PO receipt Entering an invoice not associated with a PO Tools to use for vendor inquiries ... are meeting their training goals Also, one should incorporate training goals into the targets that employees must meet each year in order to be given pay raises or bonuses Further, the internal ... for an internal audit department to continually send its auditors into the field with instructions to review whatever was done in the work papers from the year before, thereby bringing continual...

Ngày tải lên: 20/06/2014, 18:20

... a minimum By requiring engineers to go through a tough review before being allowed to use new parts, they will be much more inclined to design existing stocks into new designs A useful tool in ... • Precount the inventory A team should begin counting the inventory days or weeks in advance of the formal physical inventory count This group’s job is to gather inventory into single locations, ... Cost: Installation time: 16–37 Drop Ship Inventory A typical set of inventory transactions involves receiving items, moving them to a quality review area, checking them, moving them again to main...

Ngày tải lên: 20/06/2014, 18:20

... effort and time that goes into creating and issuing an invoice It must be created and inserted into an invoice printing batch, which in turn requires the use of a customized invoice with prepositioned ... to get a customer to agree to use EDI as the basis for receiving invoices This may take several trips to each customer, including time to send trial transmissions to the customer’s computer to ... 4.2 To begin, the shipping staff determines the amount to be shipped to a customer and enters this amount into the main accounting database The amount in a specific truckload is downloaded into...

Ngày tải lên: 21/06/2014, 04:20

... 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5–24 Use On-Line Budget Updating One of the most difficult problems for a budget manager in a large company is bringing ... collections staff to reduce the error rate of invoices being sent to customers, while also providing new tools to force customers to pay by the due dates listed on company invoices In addition, there ... uneconomical to maintain a lockbox Second, the work required to convince customers to change the company’s pay -to address can be considerable Every customer must be contacted, usually by mail, to inform...

Ngày tải lên: 21/06/2014, 04:20

... scores for each customer into an open field in the customer master file Print a custom report that sorts current customers in declining order by risk score Divide the sorted list into fourths (low ... paid The best way to keep this customer assets information in one place is to store it in the inventory database, because it is already set up in most accounting systems and includes location ... from the accounting database and fax it to the customer—all at the touch of a button To so, a company must link the invoice file in the accounting database to another file containing the name and...

Ngày tải lên: 21/06/2014, 04:20

... stock purchase plan to investors However, if making the investment experience as simple and trouble-free for investors as possible is more important to a company, then retaining the function in- house ... 11–10 Sell shares in an Internet-based auction 11–11 Use Web broadcasting for public reporting Option Management 11 12 Automate option tracking 11–13 Use Internet-based options pricing services Pension ... other business units Fourth, subsidiaries can use their own stock to engage in merger and acquisition activities Finally, creating stock for a business unit is a powerful incentive for its business...

Ngày tải lên: 21/06/2014, 04:20

... something is done to find out where these problems are occurring and why The internal auditing staff can be brought in to discover where problems are occurring, why they are happening, who is causing ... deal of training and experience in how to process accounting transactions, but much less in how to select, install, and maintain an accounting software package Despite this shortcoming, often ... they can access information stored elsewhere in the company This linkage requires a custom-built interface Depending on the amount of contractual information to be included in the installed system,...

Ngày tải lên: 21/06/2014, 04:20

... resources to train employees in the proper use of the control Since this training is not budgeted, it frequently does not occur, resulting in continuing control problems The internal auditor can ... difficult to obtain, and that must be kept in stock Finally, the existing inventory may take years to reduce to zero, unless a company is willing to take write-downs to eliminate some stock or ... withdrawal date, since it may make sense to continue manufacturing the product a bit longer in order to use up expensive stock Engineers can also use the list to incorporate excess parts into the design...

Ngày tải lên: 21/06/2014, 04:20

... a minimum By requiring engineers to go through a tough review before being allowed to use new parts, they will be much more inclined to design existing stocks into new designs A useful tool in ... • Precount the inventory A team should begin counting the inventory days or weeks in advance of the formal physical inventory count This group’s job is to gather inventory into single locations, ... Cost: Installation time: 16–37 Drop Ship Inventory A typical set of inventory transactions involves receiving items, moving them to a quality review area, checking them, moving them again to main...

Ngày tải lên: 21/06/2014, 04:20

... procedures 12 22 Use cycle counting to avoid month-end counts 12 23 Use internal audits to locate transaction problems in advance 12 24 Use standard journal entry forms Work Timing 12 25 Complete ... Schedule some internal audits on a just -in- time basis 15–14 Schedule internal audits based on risk 15–15 465 Use workflow software for internal audits Internal Audit Staffing 15–16 Fill internal audit ... Work Automation 12 6 Automate recurring journal entries 12 7 Automate the cutoff Work Elimination 12 8 12 9 12 10 Avoid the bank reconciliation Defer routine work Eliminate multiple approvals 12 11...

Ngày tải lên: 21/06/2014, 04:20

... 12/ 29/06 8:59 AM Page 125 5–25 Use Video Conferencing for Budget Updating 125 5–24 Use On-Line Budget Updating One of the most difficult problems for a budget manager in a large company is bringing ... collections staff to reduce the error rate of invoices being sent to customers, while also providing new tools to force customers to pay by the due dates listed on company invoices In addition, there ... uneconomical to maintain a lockbox Second, the work required to convince customers to change the company’s pay -to address can be considerable Every customer must be contacted, usually by mail, to inform...

Ngày tải lên: 21/06/2014, 18:20

... why an inventory item is in stock and obsolete may lead to discoveries concerning how parts are ordered and used; changing these practices may lead to a reduction in obsolete inventory in the ... obsolete inventory still in the system Even the best inventory review committee will sometimes let obsolete inventory fall through the cracks and remain in both the warehouse and the inventory database ... of transactions to accumulate and charge to inventory Also, because inventorytracking systems are typically at their worst in the production area (as opposed to the controlled environment in...

Ngày tải lên: 21/06/2014, 18:20

... stock purchase plan to investors However, if making the investment experience as simple and trouble-free for investors as possible is more important to a company, then retaining the function in- house ... 11–10 Sell shares in an Internet-based auction 11–11 Use Web broadcasting for public reporting Option Management 11 12 Automate option tracking 11–13 Use Internet-based options pricing services Pension ... other business units Fourth, subsidiaries can use their own stock to engage in merger and acquisition activities Finally, creating stock for a business unit is a powerful incentive for its business...

Ngày tải lên: 21/06/2014, 18:20

... procedures 12 22 Use cycle counting to avoid month-end counts 12 23 Use internal audits to locate transaction problems in advance (continues) ch12_4773.qxd 12/ 29/06 9:24 AM Page 268 268 Financial ... Eliminate small accruals 12 12 Reduce investigation levels Work Management 12 13 Assign closing responsibilities 12 14 Compress billing activities 12 15 Conduct transaction training 12 16 Continually ... Work Automation 12 6 Automate recurring journal entries 12 7 Automate the cutoff Work Elimination 12 8 12 9 Avoid the bank reconciliation Defer routine work 12 10 Eliminate multiple approvals 12 11...

Ngày tải lên: 21/06/2014, 18:20