Program for internal control of cash

Program for internal control of cash Assignment Help Advances in technology have impacted many facets of the auditing process, from assessing risk and internal control to conducting substantive procedures. These changes both create challenges and offer
AUDIT PROGRAM FOR INTERNAL CONTROL OF CASH.

Program for internal control of cash
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Robbins Network Solutions (RNS) is a well-known firm whose main aim is to sell and install computers. The company also provided consulting to the firms and sold networking hardware and software.
Auditors have the responsibility of conducting risk assessments and analyzing the internal controls using audit programs. The main aim of Auditing is to analyze, report, and determine whether a particular firm has met the goals and procedures being audited.
Therefore, it needs internal control of addressing each component, starting with the risk assessment, control environment, monitoring communication, and control activities information. Moreover, our firm will respond to the RNS immediately after the completion of the audit. The audit will ensure that the Robbins Network Solution has the cash’s incorrect internal controls to remain under acceptance (Elder et al.,2017).
When we are discussing internal control, we need to make sure that our data is Encrypted.
According to Jacobs, “Encryption is a subset of cryptography and involves the conversion of information by algorithmic, arithmetic processes into a form that is unreadable without authorization or possession of a secret key. The plaintext is an original, unencrypted message or data set.” (2003, p.357)
When carrying out an audit, for example, a cash audit, I would recommend a walkthrough. We can use technology such as reviewing the company quick-books and the cloud that store finical data to find how cash transactions and balances are treated and processed. According to Brendan Woods, founder and CEO of AutoEntry: “when using the cloud information is securely stored in data centers, managed by service providers who implement advanced security protection at a level which would be extremely complex and expensive for businesses to emulate on-premise” (2018, para. 2).
By that, we can ensure that every cash transaction is accurate and that the balances are recorded accurately by providing a walkthrough. Moreover, the walkthrough ensures the completeness of the information used when recording the cash transaction.
As a walkthrough can be a manual way to audit, auditors can use cognitive technology can cultivator through massive data and includes algorithms that allow the software to understand information, purpose, and reflect like humans (Forbes Magazine,2018)
I feel that RNS should first send the company’s documented policies, the company’s treasury services, and the firm’s policies and make sure that employees have access to information that they only need for their job description.
As well as projecting analytics that will be exploitation data analysis methods to make forecasts.
RNS risk assessment will be the materiality of their balance sheet that can be found by authorized personal and compared to the data that can find in programs and the cloud.
Compare the sample details for the cash receipts and the cash disbursement journal as well data stored on computers.
An audit program can help to speed up and make sure that the audit process is accurate.
We can track scanned documents, and by that becoming much more accessible, we can calculate faster-using programs and make inquiries.
References
Elder, R. J., & Yebba, A. A. (2017). The Roslyn school district fraud: Improving school district internal control and financial oversight.Issues in Accounting Education,32(4), 25-39.https://meridian.allenpress.com/iae/article-abstract/32/4/25/73203
Jacobs, J. (2003). Sscp study guide & Dvd training system. Rockland, MA: Syngress Pub.
Merchant, P. (2016, October 26). Simple small organization audit procedures. Small Business – Chron.com. Retrieved November 22, 2021, from https://smallbusiness.chron.com/simple-small-organization-audit-procedures-14459.html.
Nawawi, A., & Salin, A. S. A. P. (2018). Internal control and employees occupational fraud on expenditure claims.Journal of Financial Crime.https://www.emerald.com/insight/content/doi/10.1108/JFC-07-2017-0067/full/html
Forbes Magazine. (2018, July 20). Forbes Insights: Three technologies that will change the face of Auditing. Forbes. Retrieved November 21, 2021, from https://www.forbes.com/sites/insights-kpmg/2018/07/16/three-technologies-that-will-change-the-face-of-auditing/?sh=5fed36d75440.
Woods, B. (2018, September 17). Don’t become a statistic: Accountants and data security. Retrieved from https://www.accountingtoday.com/opinion/dont-become-a-statistic-accountants-and-data-security

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