Internal Controls

Purchases control objectives

Ordering, goods received, invoice, payment

Sales control objectives

Order received, goods dispatched, invoice sent, monies

Wages control objectives

Genuine employees only, processing timesheets, updating employee standing data, processing payroll, recording in accounts, paying staff and authorities.

Inventory control objectives

Inventory meets the needs of production and sales. Inventory is re-ordered when it reaches a defined threshold, inventory is checked regularly for quantity and quality. Inventory movement is recorded. Inventory is recorded correctly and timely in the accounts.

Bank and cash control objectives

cash is stored securely, there’s no excessive amounts of cash on hand. Only authorised personnel can withdraw cash and make bank payments. Cash movements are recorded, cash is banked daily. Bank reconciliation completed monthly.

SPAM SOAP

Segregation of duties, physical controls, arithmetic, management, supervision, organisation, authorisation, personnel

Segregation of duties for each process CARE

Custodian, Authorisation, Reporting and Execution