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Ma'am, how do we answer questions like this ?
Answers (6)
BRS is not a control on purchases, Purchases controls could include segregation of duties, beginning from raising request, preparing purchase order, approval of order, authorised person making payments, signatures on all these supporting documents, recording of entries etc, BRS is to reconcile bank balances.
Pradnya Bajaj Faculty
BRS is not a control on purchases, Purchases controls could include segregation of duties, beginning from raising request, preparing purchase order, approval of order, authorised person making payments, signatures on all these supporting documents, recording of entries etc, BRS is to reconcile bank balances.
It could help in checking proper recording of bank balances in every transaction. not particularly purchases. Questionnaire to be prepared if for checking controls on Purchases. not general control
Thread Starter
Swathi KrishnaThen why the answer is BRS to be done? I didn't get it
Most of the transactions like sales and purchases, in the organization will be done with bank and online transactions, because of which the bank balance will get effected. Sometime because of huge load of transactions the org or bank may miss entries. So it is better to check the bank balance with our ledgers. For which BRS is necessary.
Yogesh Konduri NS Faculty
Most of the transactions like sales and purchases, in the organization will be done with bank and online transactions, because of which the bank balance will get effected. Sometime because of huge load of transactions the org or bank may miss entries. So it is better to check the bank balance with our ledgers. For which BRS is necessary.
(Updated)
The question is need not be a part of questionnaire. For purchases, BRS need not be. Most appropriate answer. Question is asking which is a control that need not be a part of questionnaire on purchases
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