Identifying Controls

REVENUE Description of control procedure

Is there separation of duties

between authorisation of
transactions, custody over the
related assets and accounting for
transactions?
Consider:
1) Delivery of goods and
services.
2) Invoicing.
3) Cash sales.
4) Returns.

Are authorisation procedures in

place? Consider:
1) Delivery of goods and
services.
2) Invoicing.
3) Cash sales.
4) Returns.

Are documents and records kept for

all transactions?
Consider:
 Completeness of recording
of sales transactions.
 Proof of delivery.
 Invoicing.
 Cash sales.
 Returns.
 Recording in the correct
accounting period.
Are assets and records safeguarded?
Consider:
 Proof of delivery.
 Evidence of goods returned.
 Cash.

Is there verification of the

effectiveness of control activities?
Consider:
 Management review of
records.