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Hello Sir,
can you please give examples of internal control that should be operating at each point of sales system as follow
(a) receipt
processing
recording of orders
(b) collection of cashthank you
Examples are:
Receipt of order: check that it is within customer’s credit limit. File/list the order to ensure it is not later mislaid.
Despatch: each despatch should be independently verified to ensure correct goods sent.
Receivables: send out regular statements to remind customers and to check that amounts we think oare owing agree with customer’s view.
Collection of cash: match cash to specific invoicesso that we know which have been paid and which are outstanding.
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