The Institute of Chartered Accountants
of Sri Lanka

16. Controls over Expenditure Records.

It is essential for an independent person to check regularly that records of payments are being correctly maintained. Therefore, the following random spot checks are recommended to be done by the Chief Financial Officer.

• Records of payments made by cheques agree with cheque counterfoils, payment vouchers, invoices or authorized.

• documents and are in line with budgets.

• Cheques have been presented for payment to the bank as shown in the bank statement.

• Standing orders are in accordance with the instructions given to the bank.

• Records of payments made in cash agree with payment vouchers, invoices or other supporting documents and are in line with budgets.