Chapter4_Internalcontrol_cash内部控制

Chapter4InternalControlandCash2019/9/241LearningObjectives•Setupaneffectivesystemofinternalcontrol•Useabankreconciliationasacontroldevice•Applyinternalcontrolstocashreceiptsandcashpayments•Useabudgettomanagecash•Weighethicaljudgmentsinbusiness2019/9/242InternalControlInternalcontrolistheorganizationalplanandrelatedmeasuresthatanentityadoptsto:–Safeguardassets–Encourageadherencetocompanypolicies–Promoteoperationalefficiency–Ensureaccurateandreliableaccountingrecords2019/9/243Sarbanes-OxleyAct(SOX)•CreatedPublicCompanyAccountingOversightBoard.•Prohibitsaccountingfirmsfrombothauditingfinancialstatementsofafirmandprovidingcertainconsultingservicesforthesameclient.•Requiresperiodicrotationofleadauditors.•Requirespubliccompaniestoissueinternalcontrolreportsandtheoutsideauditortoevaluatetheclient’sinternalcontrols.•Providesstiffpenaltiesforviolators.2019/9/244Thecomponentsofinternalcontrol•ControlEnvironment•RiskAssessment•Controlprocedures•MonitoringofControls•InformationSystem2019/9/245InternalControlSystemsGoodinternalcontrolsystemsrequire:–Competent,reliable,ethicalpersonnel–Assignmentofresponsibilities–Separationofduties•separationofoperationsfromaccounting•separationofthecustodyofassetsfromaccounting–Internalandexternalaudits–Documentsandrecords–Electronicandcomputercontrols2019/9/246E-Commerce•OnionmodelofsystemsecurityAuditsbyexternalspecialistsSensitiveHardware,Software,andDataIncidentresponseproceduresIntrusiondetectiondevicesFirewallsEncryption2019/9/247E-Commerce•Encryptionisthetransformationofdatabyamathematicalprocessintoaformthatisunreadablebythosewithoutakey.•Firewalllimitsaccesstohardware,software,ordatatopersonswithinanetwork.•Intrusiondetectionidentifiesunauthorizedentriestothesystem.•Incidentresponseproceduresapprehendhackersandremovethemfromthesystem.•Externalaudits(WebTrust,SysTrust,CPAfirms,etc.)teste-commercesystems.2019/9/248OtherControls•Fireproofvaults•Burglaralarms•Point-of-saleterminals•Fidelitybondsoncashiersandotherswhohaveaccesstocash•Mandatoryvacations•Jobrotation2019/9/249BankAccountsasControls•Allcashshouldbedepositedintoabankaccountdaily.•Todrawmoneyfromtheaccount,acheckiswritten•Threepartiestoacheck:–maker–signsthecheck–payee–towhomthecheckiswritten–bank–onwhichthecheckisdrawn•Remittanceadviceisanoptionalattachmentthatgivesthereasonforthepayment.2019/9/2410BankAccountsasControls•Monthlybankstatementsaresenttotheaccountholderandshouldbereconciled.•Electronicfundtransfer(EFT)istheelectronictransferofcash.Nocheckiswritten.•BankstatementsincludebothphysicalchecksandEFTpaymentsaswellasothertransactionsontheaccount.2019/9/2411BankReconciliation•Twoindependentlymaintainedrecordsofabusiness’scash–Thecompany’sCashaccount–Thebankstatement•Differencesbetweenthetworecordsgenerallyarisebecauseoftimingdifferences.•Reconciliationsensurethatthetworecordsagree.2019/9/2412BankReconciliationItemsforreconciliation:•Itemsrecordedbythecompanybutnotyetrecordedbythebank:–Depositsintransit–Outstandingchecks2019/9/2413BankReconciliationItemsforreconciliation:•Itemsrecordedbythebankbutnotyetrecordedbythecompany.–Bankcollections–Electronicfundstransfers–Servicechargesandthecostofprintedchecks–Interestrevenueearnedoncheckingaccount–Nonsufficientfunds(NSF)checks•Errorsbythecompanyorthebank2019/9/2414BankReconciliation•Theadjustedbankbalancemustequaltheadjustedbooksbalance.2019/9/2415ReconcilingItemsBankBalance•Adddepositsintransit•Subtractoutstandingchecks•Addorsubtractcorrectionsofbankerrors,asappropriateBookBalance•Addbankcollectionitems,interestrevenue,andEFTreceipts•Subtractservicecharges,NSFchecks,andEFTpayments•Addorsubtractcorrectionsofbookerrors,asappropriate.2019/9/2416BankReconciliation•Journalentriesareonlymadefor:–Bankcollectionitems,interestrevenue,andEFTreceipts–Servicecharges,NSFchecks,andEFTpayments–Errorsmadebythecompany(bankerrorsdonotrequirejournalentriesonthecompany’sbooks).2019/9/2417BankReconciliationBusinessResearch,Inc.BankReconciliationJanuary31,20X6BankBalance,January31$5,931.51Add:1.DepositofJanuary30intransit1,591.632.Correctionofbankerror–ResearchAssociatescheck656erroneouslychargedagainstcompanyaccount100.007,623.14Less:OutstandingChecksNo.337$286.00No.338319.47No.33983.00No.340203.14No.341458.53(1,350.14)Adjustedbankbalance$6,273.00BooksBalance,January31$3,294.21Add:4.EFTreceiptofrentrevenue904.035.BankCollectionofnotereceivableincludinginterestrevenueof$2142,114.006.Interestrevenueearnedonbankbalance28.017.Correctionofbookerror–overstatedamountofcheckno.333360.006,700.25Less:8.Servicecharge$14.259.NSFcheck52.0010.EFTpaymentofinsuranceexpense361.00(427.25)Adjustedbookbalance$6,273.002019/9/2418•练习：E4-5,E4-62019/9/2419JournalEntriesfromReconciliation(4)Cash904.03RentRevenue904.03Receiptofmonthlyrent(5)Cash2,114.00NotesReceivable1,900.00NotereceivablecollectedbythebankInterestRevenue214.00(6)Cash28.01InterestRevenue28.01Interestearnedonbankbalance2019/9/2420JournalEntriesfromReconciliation(7)Cash360.00AccountsPayable360.00Correctionofcheckno.333(8)MiscellaneousExpense14.25Cash14