Ví dụ một số loại rủi ro

Không thực hiện kiểm kê tài sản cố định (đặc biệt đối với những công ty có tài sản di chuyển như máy tính xách tay).

Tài sản cố định

♦ Không thực hiện kiểm kê tài sản cố

định (đặc biệt đối với những công ty

có tài sản di chuyển nh máy tính xách

tay)

♦ Các thông tin về đăng ký tài sản không

đầy đủ nhằm tránh việc xác định các

tài sản riêng biệt hoặc không đợc điều

chỉnh trên sổ cái

♦ Các khoản chi phí lãi vay, nhân công,

chi phí chung không đợc vốn hoá

♦ Chi phí tạo nên giá trị của toà nhà

không đợc tập hợp đầy đủ

♦ Chi phí khấu hao đợc ớc tính theo thời

gian sử dụng hữu ích hoặc trên cơ sở

giá trị thu hồi của tài sản

♦ Chính sách khấu hao không đợc xem

xét lại hàng năm

♦ Có thay đổi trọng yếu về mức độ sửa

chữa và bảo dỡng tài sản

♦ There is inadequate insurance cover

over fixed assets

♦ There has been exceptional usage,

technological change or other factors

which may affect the useful life of the

asset

Safeguard controls

Physical protection of fixed assets against

fire, theft and environment

♦ Một số tài sản đã bị mất, bị điều chuyển hay thanh lý vẫn đợc phản ánh trên sổ kế toán

♦ Một số tài sản riêng biệt không thể xác

định riêng biệt hoặc không tồn tại

♦ Lợi nhuận và giá trị của tài sản bị ghi nhận thấp hơn giá trị cần thiết

♦ Giá trị của toà nhà bị trình bày sai

♦ Chi phí khấu hao bị trình bày sai

♦ Chính sách khấu hao không phù hợp với sự thay đổi của kỹ thuật, công nghệ

♦ Số vốn tăng thêm đã bị ghi nhận là chi phí Chi phí liên quan đến doanh thu trong kỳ đã bị vốn hoá

♦ In the event of a disaster, the company

is unable to replace the fixed assets lost or destroyed

♦ A change in the useful life of the asset has not been reflected in the depreciation charge or in the residual value

8/2005 Trang 2 / 12

INTANGIBLE FIXED ASSETS

Condition Possible reasons/risks

♦ Substantial acquisition activity exists

♦ The client has commenced valuing

brand names and other intangibles in

the balance sheet

♦ The recoverability of intangible assets

is not subject to regular evaluation

♦ Large amounts of research and

development expenditure are

undertaken

♦ Failure to identify intangible assets when the purchase method of accounting for business combinations

is applied

♦ There may be insufficient evidence to justify the valuation of the brand

♦ Failure to recognise the need for or to account for write downs or to adjust the amortisation period

♦ Research and development expenditure is incorrectly classified between pure and applied research and development resulting in the incorrect accounting treatment

INVESTMENTS

Condition Possible reasons/risks

♦ Substantial investments in related

parties exist

♦ Investments are made in unlisted

investments or non monetary assets

(eg works of art)

♦ There are substantial investments in

volatile foreign countries

♦ Complex interrelated shareholdings exist making it difficult to establish the true value of the investment

♦ Difficult to establish market value

♦ The investment is subject to government restrictions which impair the value

STOCK AND WORK IN PROGRESS

Condition Possible reasons/risks

♦ Stock levels have been rising during

the year or are considerably in excess

of budget

♦ The client has stock purchase

commitments in excess of future

requirements

♦ Lack of formal or regularly performed

procedures to identify slow moving,

obsolete or unsaleable items (eg no

details of last stock usage, no aged

report)

♦ Long-term contracts are considerably

behind schedule

♦ Lack of regular monitoring of long

term contracts (eg no costs to

completion calculations)

♦ Obsolete or unsaleable stock is not recognised There has been a change

in method of stock costing

♦ Provision for slow moving or unsaleable stocks has been made

♦ Obsolete or slow moving stock is not recognised

♦ Future large losses may arise on contracts and no provision has been made

♦ No basis assess and provide for foreseeable losses on long-term contracts

8/2005 Trang 4 / 12

TRADE DEBTORS

Condition Possible reasons/risks

♦ There is no credit control function or

the function is inadequate in assessing

credit worthiness, chasing up overdue

debts or resolving disputes

♦ The sales order system does not

incorporate adequate checks over the

current credit status of customers

before accepting and processing

orders

♦ Statements are not sent regularly to all

significant customers

♦ The debtor’s ageing has deteriorated

over the period showing an increase in

the number and age of accounts

overdue

♦ Large numbers of credit notes are

issued and/or there are a significant

number of customer complaints

concerning quality of product,

accuracy of invoicing etc

♦ Bad debt provisions are based on

established formulae

♦ Large sales immediately prior to

period end (especially inter-company

sales)

♦ Credit is given to customers who have

a high risk of defaulting payment

High credit risk customers are not identified promptly leading to irrecoverable debts Processing errors are not promptly identified

♦ Credit is given to customers who have

a high risk of defaulting payment

♦ Processing errors are not identify promptly

♦ Credit terms have been relaxed

Customers are unable to pay

Customers are taking advantage of long credit period before paying Cash payments are being misappropriated

The ageing program does not work properly

♦ Sales are overstated The quality of goods sold is unacceptable, leading to returns The correct goods were despatched (quantity and/or description) but at the wrong price (or discount) The wrong goods were despatched (quantity and/or description) when compared with either the order or the invoice Cash receipts are being misappropriated

♦ Changes in circumstances mean the formulae are no longer appropriate

♦ Current period sales and profits are distorted

CASH BALANCES

Condition Possible reasons/risks

♦ There is a complex inter-company

group structure

♦ There are large inter-company

transfers of cash prior to the period

end

♦ Bank accounts are frequently changed

♦ Levels of overdraft and other

borrowings have risen

♦ Significant funds are held in countries

with restrictive currency regulations

♦ The cash book is left open for a

number of days after the balance sheet

date

♦ Complex inter-company financing agreements and guarantees are omitted from disclosure

♦ The cash balance is improved through window dressing (especially where there are subsidiaries with non-coterminous year ends)

♦ Some bank accounts are not accounted for The client is experiencing liquidity problem

♦ Overdraft limits and loan covenants have been breached giving rise to going concern considerations

♦ The funds are not recoverable

♦ Cash receipts received after the period end are recorded before period end, misstating the period end cash position

8/2005 Trang 6 / 12

Segregation of duties

Some examples of duties which should be performed by separate personnel where possible are:

Opening mail (in the presence of at least

one other employee)

Credit controller

Recording cash payments(e.g by posting

cash to detailed creditors’ ledger)

Delivery of cash payments (e.g by

signing cheques)

Preparing bank reconciliations

Recording cash receipts (e.g by completing a cash diary or by directly paying into the bank)

Posting cash receipts to the detailed debtors’ ledger

Delivery of cash payments

Preparing bank reconciliations

Reviewing bank reconciliation

TRADE CREDITORS

Condition Possible reasons/risks

♦ There are a large number of unfilled

orders

♦ There is a high incidence of returns to

suppliers

♦ Goods have been received but have not been processed

♦ Inadequate provision for returns has been made

ACCRUALS, DEFERRED INCOME AND OTHER CREDITORS

Condition Possible reasons/risks

♦ There is a very tight reporting

deadline

♦ Invoices are received or sent directly

to the relevant office or department for

authorisation without prior recording

♦ Accruals come to light after the accounts have been completed

♦ Accruals are not recognised

OTHER LIABILITIES, PROVISIONS AND CONTINGENCIES

Condition Possible reasons/risks

♦ There is no formal evaluation by

knowledgeable personnel of lease

contract to determine the correct

treatment as a finance or operating

lease

♦ There are a large number of leases

♦ There are unusual sales/purchasing

terms

♦ The company has numerous

borrowing/financing agreements

♦ There are going-concern problems

♦ Finance leases are classified as operating leases, resulting in broken covenants in debt agreements

♦ Misclassification of finance leases as operating leases, resulting in broken covenants in debt agreements

♦ Special conditions surround title to goods, resulting in unusual liabilities and contingencies

♦ Covenants are broken, resulting in liabilities/contingencies which need to

be disclosed

♦ Contingencies arise and liabilities crystallise based on a weakened financial position

8/2005 Trang 8 / 12

SALES AND CASH RECEIPTS

♦ Sales are made on sale or return terms.

♦ The sale order system does not incorporate

adequate checks over the current credit

status of customers before accepting and

processing orders

♦ A large number of credit notes are issued

and/or there are a significant number of

customer complaints concerning quality of

product, accuracy of invoicing etc.

♦ A significant number of related party

transactions exist.

♦ Significant stock is held by third parties.

♦ Sales ledger reconciliations are not

regularly performed or there are numerous

reconciling items which are not followed

up.

♦ Confirmation replies are received via the

client as photocopies or the postmark on

the reply does not agreed with the

recorded address.

♦ Round sum payments are posted or

unallocated cash exist on the sales ledger.

♦ Numerous differences in the debtors’

circularisation.

♦ Large sales immediately prior to year end

♦ Sales are recognised in the wrong accounting period.

♦ Credit is given to customers who have a high risk of defaulting on payment.

♦ Sales are overstated The quality of goods

is unacceptable, leading to returns The correct goods were despatched (quantity and/or description) but at the wrong price (or discount) The wrong goods were despatched (quantity and/or description) when compared with either the order or the invoice Cash receipts are being misappropriated.

♦ Inadequate disclosure Tax implications not recognised (where the transactions are made on terms other than arms length trading).

♦ Goods are despatched without being invoiced.

♦ Posting errors or omissions go undetected.

♦ Sales and/or customers accounts are fictitious.

♦ Cash receipts are misappropriate and concealed by incorrect posting to the accounts (teeming and lading).

♦ Possible misappropriation of cash.

♦

Segregation of duties

Some examples of duties which should be performed by separate personnel where possible are:

♦ Posting cash received to debtors’

sub-ledger

Despatching goods to customers

Recording cash receipts

Paying cash receipts into bank

Reconciling debtors’ sub-ledger to

control account

Opening mail (in the presence of at least

one other employee)

Preparing bank reconciliations

♦ Credit controller

Preparing sales invoices Paying cash receipts into bank

Posting credit notes to debtor’s sub-ledger

Reviewing the control account reconciliation

Preparing the bank reconciliation

Reviewing the bank reconciliation

8/2005 Trang 10 / 12

PURCHASES AND CASH PAYMENTS

Condition Possible reasons/risks

♦ Payments are made on the basis of

photocopied invoices

♦ Payments do not need to be supported

(e.g by the invoice, goods inwards

note and order)

♦ Orders can be made informally

without reference to authorisation

♦ Invoices are received in the name of

individuals or other companies

♦ Purchases are made from a small

number of suppliers

♦ A large number of orders remain

outstanding

♦ Statements are not received or not

reconciled for the major suppliers

♦ Bank reconciliations are not regularly

performed or they are numerous

reconciling items which are not

followed up

♦ Payments are made to directors

♦ Existence of private or numerous bank

accounts

♦ There are large long outstanding

creditors

♦ Duplicate payments are made to suppliers The terms of the original invoice are altered

♦ Payments are made in respect of fictitious services and goods received

♦ Orders are raised for stock, assets or services for personal use

♦ The items purchased are not for the use of the company

♦ The purchasing department is accepting incentives to favour particular suppliers

♦ Purchases are not recorded or recorded

in duplicate

♦ Cut off errors and posting errors/omissions are not recognised

♦ Unrecorded payments or payments recorded at the wrong amount are not revealed

♦ Goods and services are purchased from directors on terms other than arms length

♦ Purchases are unrecorded

♦ The company is experiencing liquidity problems

Segregation of duties

Some examples of duties which should be performed by separate personnel where possible are:

♦ Raising cheques from suppliers

♦ Accepting goods from suppliers

♦ Reconciling suppliers’ statements

♦ Reconciling the creditor’s sub ledger

to the control account

♦ Recording cash payments (e.g by

posting cash to the detailed creditor’s

ledger)

♦ Delivery of cash payments

♦ Raising orders

♦ Cheque signatory

♦ Matching purchases invoices to goods inward notes

♦ Authorisation of the reconcilation

♦ Authorisation of the reconciliations

♦ Delivery of cash payments (e.g by signing cheques)

♦ Preparing the bank reconciliation

♦ Accepting goods from the supplier

8/2005 Trang 12 / 12