Practical integrated accounting awarness for cash and cash equivalent

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Contingent liabilities, commitments and provisions in oil industry

  • This file can provide accountant or nonaccountant to have integrated accounting practices for cash. This file covers the cash in accounting techniques, financial accounting, management accounting, audit, internal controls, forensic accounting, legal business environment and financial valuation for cash.
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Practical integrated accounting awarness for cash and cash equivalent

  1. 1.         Hamdy A. Rashed    2012‐01‐11T00:00:00 Practical & Integrated  Accounting Awareness  For Yemeni who are interesting in knowing about accounting  area  Collected by: Hamdy A. Rashed, CMA, CAPM   
  2. 2. Practical & Integrated Accounting Awareness  2012    Hamdy A. Rashed, CMA, CAPM| www.hamrconsult.yolasite.com    2  Contents  Cash & Cash Equivalent ................................................................................................................................. 4  Accounting Techniques ............................................................................................................................. 4  1) Cash ................................................................................................................................................... 4  2) Cash equivalent ................................................................................................................................. 4  Financial Reporting ................................................................................................................................... 5  1) Bank Overdrafts ................................................................................................................................ 5  2) Restricted Cash ................................................................................................................................. 5  3) Letter of Guarantee .......................................................................................................................... 6  Internal Controls ....................................................................................................................................... 6  Cash control environment .................................................................................................................... 6  Risk Assessment for cash ...................................................................................................................... 7  Control Activities of cash transactions and cash balance ..................................................................... 7  Cash Receipt Controls ....................................................................................................................... 7  Cash Disbursement Controls ............................................................................................................. 8  Cash Balances Controls ..................................................................................................................... 9  Management Accounting ........................................................................................................................ 15  Financial Analysis ................................................................................................................................ 15  Cash Management Techniques ........................................................................................................... 16  Using float ....................................................................................................................................... 16  Using Scheduled Cash Budget ......................................................................................................... 17  Audit View ............................................................................................................................................... 17  Audit Objectives .................................................................................................................................. 17  Materiality ........................................................................................................................................... 18  Inherent Risk ....................................................................................................................................... 18  Audit Test of Controls and substantive test. ....................................................................................... 18  A) Cash and cash equivalent balance audit .................................................................................... 18  Forensic Accounting. ............................................................................................................................... 20  Fraud Risk Scenario ............................................................................................................................. 21  Larceny of cash ................................................................................................................................ 21  Skimming ......................................................................................................................................... 22 
  3. 3. Practical & Integrated Accounting Awareness  2012    Hamdy A. Rashed, CMA, CAPM| www.hamrconsult.yolasite.com    3  Check Tampering ............................................................................................................................ 22  Kiting ............................................................................................................................................... 22  Money theft .................................................................................................................................... 22  Lapping ............................................................................................................................................ 22  Fictitious cash balance or collections .............................................................................................. 22  Corruption, Money Laundering and Financing Terrorists ............................................................... 23  Forensic Investigating Techniques ...................................................................................................... 23  Fraud Prevention and Detection Procedures ..................................................................................... 25  Examples of Audit and forensic accounting working papers .............................................................. 25  Legal Business Environment ................................................................................................................... 27  Business Appraisal/Financial Valuation .................................................................................................. 28       

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