CASH • Instructor: Nguyen Quang Huy • Email:
[email protected] • Tel: 097.363.8817
EFFECTIVE LAW & GOVERNMENT REGULATION
Circular No.200/2014/TT-BTC
Instructor: Nguyen Quang Huy
ACCOUNTING KNOWLEDGE
VAS ACCOUNT ACCOUNT
DESCRIPTION
1111
Cash in hand in VND
1112
Cash in hand in foreign currency
1113
Cash in hand in monetary gold
1121
Cash at bank in VND
1122
Cash at bank in foreign currency
1123
Cash at bank in monetary gold
113
Cash in transit All deposit in bank should be recorded into 128 account
Instructor: Nguyen Quang Huy
AUDIT PROCEDURES
LEARNING OBJECTIVES
Define PM, TE, Threshold, SAD Identify the significant accounts, disclosures and relevant assertions Identify risks of material misstatement (MM) Determine substantive procedures
Instructor: Nguyen Quang Huy
MATERIALITY
PM ( Planning Material): BS, PL as a whole TE ( Tolerable Error): Accounts Threshold: Transactions SAD: Audit adjustment
Instructor: Nguyen Quang Huy
SIGNIFICANT ACCOUNT
Definition: - Amount exceeding TE - Identified risk of material misstatement Example: - Inventory balances for a just-in-time manufacturer: Small balance - - > Still significant account because of the level of activity flowing through the account. - Cash account balances: small - - > Still significant due to the volume of activity in these accounts and the vulnerability of cash to misappropriation
Instructor: Nguyen Quang Huy
ASSERTION
Balance sheet: - Existence - Completeness - Valuation - Rights & Obligations - Presentation and Disclosures Profit & Loss: - Occurrence - Completeness - Measurement - Rights & Obligations - Presentation and Disclosures Instructor: Nguyen Quang Huy
SUBSTANTIVE PROCEDURES
Prepare Cash notes Show the Lead Sheet & Perform OARP Obtain cash count minute, reconcile and revaluate Obtain bank statement, reconcile and revaluate Bank confirmation Cut-off cash Summary of Cash deposit during the period Physical observation
Instructor: Nguyen Quang Huy
CASH NOTES
Instructor: Nguyen Quang Huy
LEADSHEET
Instructor: Nguyen Quang Huy
PERFORM OARP
Greater than threshold Unusual balance or movement
Instructor: Nguyen Quang Huy
CASH IN HAND PROCEDURE Understanding of Cash in hand control - Maximum, minimum amount in cash - Maximum payment by cash in hand - Approval ?? - Advance clearance Reconcile with cash count minute: - Used the buying exchange rate of the commercial bank where the Company has majority transactions
Instructor: Nguyen Quang Huy
CASH IN HAND PROCEDURE
Instructor: Nguyen Quang Huy
CASH AT BANK PROCEDURE Understanding of Cash At bank control: - Maximum payment - Approval?? - Reconciliation
Obtain bank statement, reconcile and revaluate - Used the buying exchange rate of each commercial bank where the Company open the account. Send the confirmation
Instructor: Nguyen Quang Huy
CASH AT BANK PROCEDURE
BANK STATEMENT
Instructor: Nguyen Quang Huy
CASH AT BANK PROCEDURE
Bank Confirmation Instructor: Nguyen Quang Huy
CASH AT BANK PROCEDURE
Instructor: Nguyen Quang Huy
