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CATERPILLAR- part b)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › CATERPILLAR- part b)

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • July 13, 2021 at 3:33 am #627558
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    Scenario: “Once this reconciliation has taken place, the cash is stored in the shop’s small safe overnight and in the morning it is transferred to the bank via collection by a security company. ”

    KEY/Direct control: “This ensures that cash is safeguarded and that the risk of theft when transferring to the bank is minimised.”

    ma’am how is this process really carried out-“transferred to the bank via collection by a security company”? An individual from the security company is collecting cash and taking it with himself?

    and how exactly is risk of theft minimised?

    July 13, 2021 at 3:39 am #627559
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    doubt 2: TOC for the same:

    “A sample of invoices from the collection company should be reviewed and confirmed that they are charging Centipede Co on a daily basis.”

    what for should the security company be charging caterpillar? maintaining a savings or current account?

    July 13, 2021 at 5:08 am #627566
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    responding to doubt 2) i think ma’am i realised that security companies are different from banks. And here banks have no role to play; security companies charge for taking the risk of transiting the goods from one location to another.

    am i correct ma’am?

    July 13, 2021 at 8:16 am #627578
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    Yes – G4 is a good example https://www.alamy.com/stock-photo-g4s-group-4-security-van-vehicle-parked-collecting-cash-from-shop-104401361.html

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