To recap, there are important control activities that repeat across organizations and processes:
Documentation procedures (audit trail)
Establishment of responsibility
Segregation of duties
Physical & IT controls
Independent checks of performance
Human resource controls
Many of these control activities are present in the cash receipts process and we will discuss them today
Qs: Who can remember the 6 control activities we discussed in the last module? (pick students at random)
As we mentioned earlier, an organization has a suite of controls, which are used to reduce risk to an acceptable level
Not all these control activities are present in the cash receipts process.
Qs: Which of these activities did we just talk about in the prior slides? (i.e. in the examples we just walked through)