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You are working on the audit of Gold Box Roasters Ltd and have just completed...

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Accounting

You are working on the audit of Gold Box Roasters Ltd and have just completed an evaluation of the controls in the cash receipt area. You note the following key controls as part of your evaluation:

All cash handling is independent of the accounting functions cash.

Cash receipts are matched to specific sales invoices before being posted to the accounts payable master file.

There is an independent check that cash receipts are recorded in the correct account.

There is a comparison of deposit slips, prelists and the posting to the cash receipt journal.

There is a policy of depositing cash receipts each day.

Required:

Provide an example of one procedure that could be used to test the control for each of the five key controls identified above.

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