Revenue (REV) - Normal Controls Flashcards
1
Q
REV01
A
- Has the company’s revenue recognition policy been documented?
Note that the policy should document each revenue stream, the revenue recognition policy adopted and confirmation that it is in compliance with WPP policy.
2
Q
REV04
A
- If there are any disclosure requirements to clients are these complied with?
3
Q
REV08
A
- Does the Gross Billings figure represent amounts actually invoiced or due to be invoiced to clients and is the monthly billings figure reconciled to the movement on the Accounts Receivable ledger each month?
4
Q
REV09
A
- Is there a monthly cost of billings review by management?
5
Q
REV15
A
- Are collection procedures established by management for overdue accounts adequate and performed as intended?
6
Q
REV17
A
- Are significant changes to the customer master file approved by management in the same month the changes occur?
7
Q
REV20.1
A
Review of non media discounts and rebates due from suppliers
8
Q
REV21
A
- Are contracts with customers reviewed to give assurance that they are operable and include all necessary but not unfeasible clauses?
9
Q
REV23
A
- Does the company have copies of or easy access to the relevant terms and conditions of all pan regional contracts with which it is involved?
This excludes pan regional contracts set up by the opco.
10
Q
REV24
A
- Are employees with responsibility for raising or approving invoices aware of the relevant terms of all contracts, including pan regional contracts?
11
Q
REV33.1
A
Review and approve new customers
12
Q
REV34
A
- Is the client list reviewed on at least an annual basis to give assurance that all clients are current and the details correct?
- Are client accounts that have not been used for a while deleted or disabled in the relevant systems (e.g. accounting/media/job)?
