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University of Perpetual Help System Dalta

Monitoring of Tasks

Overall Tasks:

1. Create audit procedures for the following:
- Cash
- Inventory Management

2. Create a budget for UPHSD - University Business Unit

3. Create a loan schedule to update all the status of all loan agreements entered by the Group.




1. Study the manual given to you by Ms. Pearl.


General inquiries and points needed to be addressed under Accounting Department:


Overall Policy Statement

Bank Reconciliation

Budget Purposes

Cash Disbursements - Checks


Processing of Non PO Expenses

Executive Reimbursement

Verification and Authorization of

Manual Checks
Verification and Authorization of
Manual Checks

Monitoring of Payments

Check Releasing

Lost Checks

Void or Cancelled Checks

Cash Disbursements - Liquidation

Request for Cash Advance (RCA)

Liquidation for Cash Advances

Cash Advances Subject for Salary Deduct

Create audit procedures for cash and inventory

you by Ms. Pearl.

needed to be addressed under Accounting Department:

Points for Discussion

1. Are the accounting treatments applied in accordance with the Philippine Financial
2. Did the accounting department applied a new accounting standard?
3. Are there accounting policies for significant financial transactions?

1. Is there a bank reconciliation?

2. When is the preparation of monthly bank reconciliation?
3. Are bank reconciling items properly addressed especially those that can no longer be traced
or solved?
4. Is there a monitoring for all checks held?
5. Review the bank reconciliation. If ther is no bank reconciliation, inquire the reason for not
having a bank reconciliation and include this to your report. Include also in your report the
impact of such ommission to the balance of cash.

1. There should be an actual to budget variance analysis.

2. There should be a current to prior month analysis.

3. There should be an actual year to date current vs. actual prior year to date variance analysis.
4. Set a deadline with the accounting department for the actual results of the month.

1. Is there a summary for the following:

- a list of bank signatories through a secretary certifite or board resolution.
- check monitoring schedule

1. Is there a limit to the amount of approval that a department head could authorized?
2. Study the organizational chart.

1. Is there a limit for the executive reimbursements?

2. Is it safe to say that costs incurred under these are not controllable?

1. We need to ensure the completeness of the attachments for check vouchers and manual
2. The replenishment of checks should include copies of receipts under summary of expenses
incurred through the fund.
3. The check voucher shoud include copies of receipts under the summary of expenses incurred
through the fund.
4. Checks issued should have a copy for filing and audit trail purposes. This will be useful in
especially in cross referencing transactions reflected in the bank statement or bank transaction
history, checks and check voucher (three-way matching)

5. Check the independence of personnel or officers who authorizes and sign the manual checks.
6. Where is the specimen signature located?

1. Is there a preparation of schedule of payment or anything equivalent to such?

2. What are the information contained in the schedule of payment?

1. Is there a stamp "PAID" for the check vouchers released?

2. Copy of check should be kept by the accounting department for future reference.
3. Is there a timely update of check monitoring schedule for every release and clearing of
check from the company's bank account?

1. Were there an experience of loss of checks during the prior period? If so, did the payee
submitted an affidavit of loss upon requesting resissuance of check?
2. Did the company issued "Stop payment advise" to the bank upon the loss of check by the

1. There should be a proper procedure for cancelling and recording void and cancelled checks.

1. The definition of the scope of cash advances should be enhanced.

2. Check for the completeness of information in a RCA. This should include the breakdown of
estimated costs, department to be charged, arrival date for local trips and signature as an
3. Supporting documents should also be attached to the RCA evidencing the purpose of the
cash advance.
4. Check the validity and completeness of information and the supporting documents of the
5. Check whether the limit is being breached for the mode of payment and the limit per

1. Check whether two working days rule (two days from the cash receipt, except of OBTs and
hospitalization) is being followed for the submission of liquidation report.
2. Check the validity and completeness of information of the liquidation report and the
attached supporting documents.
3. Proper approval of liquidation form should have been made.
4. Check whether the procedure for actual cash disbursement exceeding the cash advance is
being implemented.

1. Is there a schedule of cash advances thru salary deduction?

2. Cash advance should not exceed the salary of the requesting employee for one month.
3. If there is a prior cash advance still outstanding, the current cash advance should not exceed
the difference of one month salary of the requesting employee and outstanding cash advance in
prior periods.
4. Ensure that the RCA form has a detailed reason for the advances made.
5. Cash advance should be deducted from employee's subsequent salary following the receipt
of cash advance.
Tasks: Create a budget for UPHSD - University Business Unit