Cash (CAS) - Key Controls

Question 1

CAS03.1

Answer 1

Review the listing of individuals who have authority/access to authorize payments

Semi-annual

Question 2

CAS04.1

Answer 2

Review and approve all online payments in accordance with approval matrix

Transactional

Question 3

CAS04.2

Answer 3

Review and approve all cheque payments in accordance with approval matrix.

Transactional

Question 4

CAS09.1

Answer 4

Review reconciliation of the General ledger bank balance to bank statements and investigate reconciling items in the bank accounts on a monthly basis for all accounts. All reconciling items are explained and reviewed for supporting documentation.

Monthly

Question 5

CAS15.1

Answer 5

Approve new bank accounts in line with policy prior to opening.

Transactional

Question 6

CAS26.1

Answer 6

Review and approve all BTA payments in accordance with approval matrix.

Monthly

Question 7

CAS27.1

Answer 7

Review of inter-company loan for zero-balancing cash pool

1. Quarterly
2. Review agreements for all zero-balancing cash pool bank arrangements and intercompany loan agreements for the zero-balancing cash pool, ensuring properly reviewed & approved & no changes
3. Key information must be included in the agreement
4. Agreements must be signed by Director/appropriate level
5. Review

Question 8

CAS27.2

Answer 8

Ensure accurate reporting of Inter-company transactions for zero-balancing cash pool

1. Monthly
2. SOD - Control Owner receives list of interco balances and does not have the ability to book interco transactions or edit the reports
3. IUC Check
4. Review for errors
5. Documentation of review

Question 9

CAS27.3

Answer 9

Ensure accurate reporting of interest for zero-balancing cash pool

Monthly

Question 10

CAS27.4

Answer 10

Ensure cash and overdraft balances are accurately presented in the financial statements

Quarterly