Initial assessed control risk and test of controls

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Reference no: EM132079602

1. Discuss the relationships among the initial assessed control risk, test of controls, and substantive tests of transactions for cash disbursements, and the tests of details of cash balances. Provide one example in which the conclusions reached about internal controls in cash disbursements will affect the tests of cash balances.

2. At Just Accounts Pty Ltd both cash and cheques are received daily, usually for amounts totalling approximately $1000. Consistent with your new role as bookkeeper, you have been asked to document some simple steps the company can take to ensure security procedures are in place to handle cash and cheques.

Outline the steps you believe would be appropriate.

Reference no: EM132079602

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