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Hello sir, hope u are well.
sir what is the difference between the date of signing financial statement by directors and the date authorizing for issue.
after authorizing for issue, does it mean it available for different stakeholders to view
The directors signature IS the authorisation for the issue of the financial statements – so no difference.
The actual “issue” will be when they are “laid before the members in general meeting” (that’s companies act speak).
got it thank u very much sir.
Review the log of changes made to the standing data for evidence that they were made by a senior member of the payroll department.
sir what does log of change mean in the above context.
Definition of “log” – an official record of events – typically during the voyage of a ship or aircraft.
“a ship’s log” – or, you won’t be old enough to remember “Captain’s Log, Stardate …” (Startrek)It’s just another word for record – “log” suggests chronological (i.e. date) order of entries.
got it sir, thank u very much.
The finance director reviews the total list of bank transfers with the total to be paid per the payroll records. There could be employees omitted along with fictitious employees added to the payment listing, so that although the total payments list agrees to payroll totals, there could be fraudulent payments being made.
How is this a deficiency? I don’t quite understand this, could u explain it sir.
The deficiency is the first sentence – the rest is the explanation why this is a deficiency. The issue is that the FD is only comparing totals – and isn’t doing anything to confirm the make-up of the totals – so could be authorising payments when the make-up includes fictitious employees.
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