Internal Control over Sales

Internal Control over Sales Following suggestions are given for a proper control over sales. Sales should be done preferably on cash basis Order received from customer should be in written. All the particles about goods such as name date and mode of transportation should be written in the order received book. For the execution of order proper time limits should be fixed for each of the department of the organization or business. Two or three copies of invoices should be made for each...

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Objectives and Limitations of Internal Control

Objectives of Internal Control The purpose of internal audit is to protect the assets so that is why internal auditors keep proper records of asset. Its purpose is detecting the errors in the accounting records. These errors are detected by the internal auditors during the whole year. Its purpose is to detect the frauds in the books of accounts. Its becomes possible because there is no gap between recording and checking. Its purpose is to evaluate accounting system. This can be done by comparing...

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Principles of Internal Control By Auditingarticles

Principles of Internal Control  Following are some principles of Internal Control One person should perform one duty and it is the responsibility of that person, and the duty must be clear cut, for example one person should record while other keep cash book. All daily communication received should be opened daily by a responsible office. All daily communication received should be opened daily by a responsible office. Credit notes for return, allowances, discounts and bad debts etc....

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