Cash (CAS) - Normal Controls

Question 1

CASO1

Answer 1

1. Are all cheque books and computer cheques stored securely with access restricted to appropriate staff responsible for preparing cheque payments, and not accessible to signatories?
2. When cheques are used by the business, are they all pre numbered? (Or otherwise sequentially numbered by an acceptable computer printing process).
3. Where applicable, are signatures plates stored securely?

Question 2

CAS05

Answer 2

1. Is password protection in place for internet or electronic banking?
2. Are transactions secure (e.g. secure session, etc.)?
3. Are unique username/password used?

Question 3

CAS06

Answer 3

1. Are remittances logged on receipt by a person other than the person responsible for updating the cashbook?
2. Are all receipts banked in a timely manner?

Question 4

CAS07

Answer 4

1. Are unrealized and realized foreign exchange gains or losses in respect of receipts and payments in foreign currencies calculated on a monthly basis and recognized in the P&L account?
2. For significant gains/losses, has the unit consulted WPP Treasury?

Question 5

CAS16

Answer 5

1. Are the company’s daily cash balances and other financial instruments reported to WPP Treasury each week?
   Note that this is not required for US, UK and Canadian companies as WPP has access to their balances.

Question 6

CAS17

Answer 6

1. Is all petty cash counted, reconciled and reviewed by an authorized and independent individual on a monthly basis?
2. Are there adequate physical controls over petty cash storage?

For the avoidance of doubt, an impress method uses a fixed balance in the GL with periodic reconciliation of receipts for disbursements followed by replenishment of the petty cash by the total amount spent per the reconciliation, which should therefore result in the total petty cash in hand at that point in time equaling the GL balance. At this point in time, a journal will be posted to the relevant GL account for the spend incurred per the total on the reconciliation.

Question 7

CAS20

Answer 7

1. Where forward contracts exist, have they been approved by WPP treasury and is the approval documented?

Question 8

CAS21

Answer 8

1. If the company has open derivative positions approved by WPP Treasury, are they independently valued and is this review documented?

Question 9

CAS22

Answer 9

1. Are all petty cash payments supported by validated, authorized receipts?
2. Are petty cash advances properly monitored?

Question 10

CAS23

Answer 10

1. Are all long term (greater than 3 month) deposits notified to WPP Treasury, or dividend or loaned to WPP?

Question 11

CAS24

Answer 11

1. Has the company entered into any speculative foreign currency, interest rate, derivative or other financial instruments?
2. If yes, has documented approval been received from WPP Treasury in advance?

Question 12

CAS25

Answer 12

1. Has the company obtained sources of finance or available funds greater than USD500,000 which have not been advised to WPP Treasury?

Question 13

CAS26

Answer 13

1. Is the use of the company credit card (where relevant) properly controlled?

Question 14

CAS26.2

Answer 14

Review and approve all Purchasing card payments in accordance with approval matrix.