Internal Control Criteria for Purchases
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ScribdTranslationsInternal Control Criteria for Purchases
Translated by
ScribdTranslationsCRITERIA FOR LIME
4. The control is fully complied with
3. The control is partially complied with, there are deviations but they do not affect the financial statements.
2. The control is not met and frequent deviations occur but do not affect the financial statements.
1. The control is not being adhered to and presents deviations that affect the financial statements.
0. The procedure does not apply, the rule due to total non-compliance with serious effects in the accounts
RELIABILITY OF THE I.C.
HIGH 3.1 - 4
ModerateHigh 2.1 - 3
Low Moderate 1.1 - 2
LOW 0.1 - 1
QUESTIONNAIRE D
EMPRESA: SWEATER WOOL LTDA. INTERVIEWED:
CARGO:
PROCESS:
OBJECTIVES:
1. maintain process procedures for purchases according to management criteria
2. approve and accept goods and services that have been requested from the suppliers
3. prepare the corresponding accounting entries, where the economic activities are summarized and classified
4. verify all accounts payable balances as well as advances every month
5. promote the proper use of accounting supports through security measures
No. QUESTION YES
purchases must always be made through purchase orders and
1 x
based on quotes
buy the accounting department the prices and conditions of the
2 x
invoice against the purchase orders
if you receive an invoice from a supplier with whom you have not negotiated
3 anteriormente se toman las medidas para asegurar que tal proveedor no es
fictional?
4 the invoices that are not merchandise but fees, rentals, are x
authorized by the department heads
5 x
The accounting department records and controls partial deliveries.
the invoices and other documents are successfully canceled
6 support at the time of making the payment, by or in the presence of the person who signs the
check
7
the functions of the accounting department are separated by
7.1 accounting x
7.2 received x
7.3 office x
7.4 treasury x
8
Returns of purchases are managed by the shipping department.
9 trial balances of records are regularly prepared x
accounts payable assistant or auxiliary
10 It is checked that the accounting supports are present each month. x
LIFICATION
trolls and the E.F
OF INTERNAL CONTROL FECHA: 13 OCT 2015
: PREPARED BY: ANGELA BETANCOURT
REVISION: KAROL ROJAS
PAYROLL APPROVED: VANESSA BEJARANO
economic purchasing
NO N/A RATING
x
3
x
3
4
4
4
4
x
3
4
4
Test
Iron
Objectives:
1. maintain process procedures for purchases in accordance with
2. approve and accept goods and services that have been requested
3. prepare the corresponding accounting entries, where it is summarized
4. verify all accounts payable balances as well as the advances
5. promote the proper use of accounting supports through measures
No. Riesgo del Ciclo Operacional Descripcion del Control
purchases cannot be made to run the eventuality
authorized, to be paid in cash if the conditions are not met
to unauthorized persons, quality patterns, what
can lead to the
1 marketing of
non-sellable products
to receive goods and services as a consequence of a
and not be informed or to do so incorrect presentation of
inexactly. the inventories and
2 possibly not passive
registered
financial statements can due to the omission of
to present oneself incorrectly incorrect records, or
duplicate seats.
loss of the invoices of the they can constitute a reason
suppliers, the supports incorrect presentation
to destroy oneself and to stray of accounts payable
loss of the paperwork and pay double the payment to
accounting supports and payment the suppliers
1
Sweater Wool Ltd.
Internal Control Program
as Compliance for the Payroll Cycle
audit date: October 13, 2015
the management criteria
the suppliers
y se clasifica las actividades economicas de compras
ipos every month
security
Procedure Made by Date
All invoices and quotes must chief of whenever it is
to be authorized by the general manager purchases make them
orders
every invoice for goods or services treasury whenever it is
the chief must have the receipt make them
purchases to authorize the payment orders
al cierre de cada mes todo los analistas Counter two days
they have to certify that the expenses and after
seats are correctly registered every month
If the invoice is lost, it is requested from the
assistant of when the
provider the copy, but you are always treasury provider the
they must carry the receipt stamp from the boss delivery
shopping
treasury
Observations/Recommendations
invoice that is not authorized, no
the payment must be made
if you do not have the authorization of the boss
No invoice is received when shopping.
in the treasury department
the information must be verified
for the reconciliations..
always follow the procedure that
what does the company have to not lose the
invoices
the supports must be there
magnetic in case of loss
to be able to print them again