audit - is to identify in the financial statements of any conflict between the actual situation and finding the reasons for this discrepancy in the accounting system of the enterprise.There are different kinds of audits relating to different types of business transactions and various objects of analysis and verification.One such species is the audit of the funds.About him and talk in our today's article.
audit of funds - this is a test of the existence of money funds at the disposal of the enterprise and the correct display of their movement in the documents.Verifying the accounting of money and equivalents is critical for the enterprise.Still - because the accounting and auditing of funds relating to the circulatory system of any enterprise - money that form its liquidity and act as a universal tool of committing economic activity.
Like any other type of audit, audit of funds at the company includes checking the funds of the company on the following criteria:
existence - the auditor must ensure that the documents displayed in the funds really are at the disposal of the enterprise.To do this, the auditor counts the cash, as well as looking bank statements of the enterprise.
right of ownership - the audit of funds must establish whether all the money the company has the right of ownership, or some of the funds do not belong to the company.For example, the salary of staff on hand, is still in the company, but in fact it is about to become the property of the company's employees.
Evaluation - Audit of funds should show whether the funds of the enterprise, as well as cash equivalents are estimated correctly.If cash and money in accounts in national currency all clear, with equivalents things more difficult.Equivalents typically include currency values, precious metals, as well as short-term securities.The hardest part - to set the real value of these assets on the date of inspection and, therefore, confirm or deny the correctness of assessment funds.Verification of funds, although it sounds quite simple, can conceal a lot of surprises and challenges for the auditor.
audit of funds carried out using various types of documents that serve as proof of the commission of certain transactions as well as the availability of money at the disposal of the enterprise.These documents are the bank statements of accounts of the enterprise, orders (supplies and receipt), showing the movement of funds on hand, documents of calculations with accountable officers who demonstrate and issuing refunds to make different kinds of acquisitions, and other documents.Once tested source documents necessary to verify the correctness of the posting of the results of operations on the accounts of accounting, and check the validity of their entry in the logs, the ledger and the accuracy of the display of the results in the financial statements.This allows you to follow all the stages of accounting for transactions with money and time to identify any kind of discrepancies.
Like any other type of audit, audit of money finishes compiling the audit report (the letter O), in which the reviewer gives his assessment of the account of money and expresses a positive or negative judgment, depending on the seriousness (materiality or material) errors and errorsidentified during the audit.
As you can see, the audit of funds is not much different from other types of checks, except for a few moments.Successful you check !!!
