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The establishment of controls can help business managers to establish a very high degree of trust between him and the owners and even more so when it is extended in business investment since they are a resource in the long term.

INVESTMENT OVERVIEW

Business investments primarily include:
Securities of companies or institutions affiliated subsidiaries or affiliates.
Marketable securities.
Mortgage loans.
Surrender values of life insurance.
When entrepreneurs and investment managers must assess the type of investment to be undertaken, the tools used are:

Often

In many cases the investment has operations and does not take appropriate measures to safeguard these resources

1. Internal check
Purchases and sales of securities or investments must be approved by an official specifically designated.

Must keep detailed records of investments which will, the serial numbers of the documents, the names appearing in the recorded amounts and the collateral if it exists.

Produce a detailed reconciliation of investment records with the values shown in the value periodically. This reconciliation should be done by a responsible employee.

Periodically obtaining confirmations from Issuers on the amount of investment, independent trustees and lenders as to the amounts to be kept in mind, borrowers in connection with the warranty.

The investment approval should be made by a responsible official.
Investments have been extinguished must be under the control of the counter and administrators.

The head of investments must be informed of the values in terms of partial reductions in the nominal value of the securities, the endorsement that reduces the value of investments and annotation of the securities deposited or removed.
It must perform a valuation of investments and collateral to market rates to compare with the carrying values.

2. Functional Control

Endorsement of general books.
Detailed records of investments or guarantees.
A disposal of investments.
Preparation of vouchers.

Prepare detailed analysis reconciliations of control accounts.
The functions of the custodian of investments or collateral.
Check requests for confirmation with detailed records.
Control confirmation requests until they are shipped.
Compare the items inspected the items listed in the detailed analysis.

Obtain confirmation of securities pledged or held in possession of independent trustees.

Prepare periodic comparison of the investment against market value and book value.

Verify that they have been transferred to the name of the institution all the investments that it owns.

You need more than one person is present when you have physical access to documents that represent values.
Verify that all investments are correctly classified as components of short and long term.

Check that you comply with Generally Accepted Accounting Standards.
Ensure that the investment items are recognized in the unit of measurement.

The analysis performed by the auditor of the checks within the company should provide information on all investments and their inclusion in the corresponding account balances and values in financial statements are accurate and properly disclosed

3. Specific controls

Gain certainty about the reality of the recorded values.
Determine the collectability of accounts receivable investment.
Check which is conducted an analysis of planning and adequate investment.
Learn about the most representative investment transactions in relation to the proceedings.

Determine the efficiency and effectiveness of the methods of the company’s investments.
Establish compliance with investment policies.

CONTROL PROCEDURES FOR INVESTMENT

1. Check the permission and ownership through the art of inquiry that investments have been duly authorized by the chief financial officer.

2. Obtain written verification of the entities involved in the respective investments.

3. Perform an analytical review of financial statements to confirm that all investments are contained in them.

4. Check if the assessment base is consistently applied in accordance with the policy approved by the Board.

5. Through reprocessing technology to verify that transactions are recorded correctly.

6. Ratify the basic claim evaluation through technical recomputed.

7. Evaluate the court documents to determine if the investments are valued correctly.

8. Comprobar that all movements on investments are reflected in financial statements.

9. Verify that the interest, dividends, and others which led investments are recorded clearly and in accordance with generally accepted accounting principles.

10. If any investment has been sold, verify that the price of the transaction has been approved by the Board

With all the recommendations made in this paper are expected to perform adequately control manuals for investment, these should be developed based on flaws that are in the study and analysis to make the company’s external auditors.

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INTERNAL CONTROL PROGRAM FOR THE COMPANY AND AUDIT

To validate the information the company has provided with respect to the item available, setting the audit program and internal control by developing the points listed below:

1. Review and assess the strength and / or weaknesses of internal control system and based on that review:

Compliance testing and determine the extent and timing of audit procedures applicable under the circumstances.

Prepare a memorandum or report on the results of the work, conclusions and comments about the strength and / or internal control weaknesses that require immediate action or may be appropriate points for the letter of recommendations.

2. Plan and carry out substantive testing of the figures showing the financial statements that are necessary under the circumstances.

DESCRIPTION:

The available is defined as the group that includes accounts that record cash resources immediately, in whole or in part, available to the economic entity and can be used for specific purposes, among which we mention the cash, deposits banks and other financial institutions.

Available management.

* Clarify the roles, responsibilities and obligations of staff who are in the custody of cash and pre-payment authorization
* In search of greater security to the handling of cash is advisable to determine a maximum amount for individual payments
* Control who and how are payments made by the box.
* Make contracts backed warranty policies for safeguarding cash.

EVIDENCE OF COMPLIANCE:

These seek to obtain evidence about internal control procedures, in which the auditor found confidence in the system to determine if they are being applied in the manner prescribed.

The auditor will seek to ensure the existence of control, the effectiveness with which it performs this check and determine whether the controls have been applied continuously throughout the period.

Type of Transaction: Cash Check entry:
A. The objective is to determine if the controls operate as intended and to evaluate the existence and responsible use of equipment used in the cash receipt process.

B. Observation of the work undertaken by managers both general housing and smaller boxes to determine whether it meets the cash receipt procedures and that its management is consistent with the management of pre-established company policies earlier.

C. Interviews with company personnel to determine if they match the procedures described in cash to certain functions in the manual and control plans.

D. Repetition of the internal control procedures to determine whether the cash management process step by the respective controls that allow total truthfulness and responsibility of the manager to handle general and lower boxes.
Confirm the carrying of identity cards to visitors in order to avoid confusion within the organization.

Note that there really is separation of duties between the person authorizing the payment of a bill and the cashier.

Examine the existence of documents that support the daily tonnage of cash as a means of controlling inputs and outputs of this, determining compliance with established rules for handling.
Observe the requirements of personal income to the treasury departments to determine if additional controls are needed to give greater security to the general cash management or direct access to the offices of those who handle juvenile cases.

Verification of the development of adjustments to the accounts of banks when they have received the respective reconciliations thereby controlling the balance of the different accounts.

Verify the existence and implementation of a management policy available.
Determine the efficiency of the policy available from the company.
Verify that the media accounts registered as available, are in order and according to the laws.

See if the crediting of accounts of the available transactions is recorded properly.
Check that there is a complete analysis of available management to identify gaps and implement the necessary corrections

Check if the available information about the company, due date is passed promptly to the administration and managers within the company.

Verify the existence of a manual of personnel functions of the accounts available.

Like the knowledge and fulfillment by the employees.
Should be kept in a safe place, preferably by mechanical means such as safes, important documents such as checkbooks, securities, business cards bearing the signatures are authorized to issue checks, security keys, etc…

SUBSTANTIVE TESTS:

Transaction Type: Cash and Banks
To determine the correct balances.
A. Arithmetic correction

Add some relationships that present the company and could be included within the audit working papers.

Auxiliary reconcile the balances of general ledger accounts.
B. Existence or occurrence, rights and obligations and valuation or allocation,
Count the cash on hand:

Check all cash and negotiable instruments held by the company until all funds have been told to insist that the effective manager be present during the calibration.

Get a receipt signed by the fund manager as proof that the funds were returned to the client complete satisfaction,
Ensure that all deposited checks in order to be delivered to the customer either directly or through endorsement.
Confirmation of bank balances:

It is customary to confirm the balances on deposit in bank accounts in the balance sheet date for such purpose by constructing a model of bank confirmation, requested as part of the banks balance tests.
C. Correction and Inclusion:

Perform tests to ensure that all items are required to be included and eliminate those items that should not be included.

At the end of the year is considered essential that there is a cut of transactions of cash inflows and outflows of whether to present the correct balance of cash on the balance sheet and financial statements reasonably disclose financial information and operating results.

Review or prepare bank reconciliations:

Collate responses bank balances with bank confirmations.
Verify the validity of the items comprising the settlement, such as deposits in transit and checks issued by the company and still outstanding in the bank checks denominated in transit times

Review bank statements in search of alterations or modifications of figures.

When internal controls are deficient, the auditor may personally carry out any bank reconciliation.

Obtain and use bank statements to a later date at the end:
The company should ask your bank to send statements, which must be sent directly to the auditor.

Upon receiving the bank statement after the closing date, and checks paid in that range and notices of charges and credits, compare all checks issued in the previous year with a list of outstanding checks, as evidenced the period-end reconciliation.

It also ensures that the deposits in transit on the bank reconciliation period to have been accredited by the bank as deposits in the state after the closure also will review the bank statements and other receipts in search of suspicious items.

Track bank transfers:

When a wire transfer occurs, several days elapse before the check is paid by the bank on which it was issued. Therefore, the cash deposited by the accounting records during this period will be overestimated, since the check will be included in the balance on deposit and which will not subtracted from the bank on which book.

To obtain evidence about the validity of bank transfers or check for errors or irregularities produces a card checks to a closing date near the closing date.
Effective test preparation:

Get the total bank books and bank statements and cash in bank account, respectively.

Get the games plea for conciliation both initial reconciliations of balances as of the end balances.
Identify reconciling items.

Analytical revisions:

Should be compared with cash balances of the budgeted expectations and study reports changes in the monthly cash budget.

D. Financial Statement Presentation and Disclosure Enough.
Conduct research and inspect documentation for restrictions of cash and charges.

Consider the presentation and disclosure statements with accounting principles generally accepted

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Auditor

The auditor is responsible for rule subject to auditing standards generally accepted financial statements of the company.

You should also review and systematically evaluate the components and elements that make up the internal control, timely and independent in the manner prescribed by law. The auditor must conduct a comprehensive audit and must set out an independent professional opinion of the evaluation and supervision of control systems.

In its report to determine whether the financial statements are prepared under generally accepted principles, if it has complied with the regulations, assess the efficiency and effectiveness in achieving the objectives set by the company, good management of resources and evaluation of internal control system to conceptualize on their management.

Internal Auditor

Is appointed by the administration of the organization, is responsible for verifying the strength and adequacy of the controls that apply within the company. Their study should have a full scope of the company, ie operations comprising financial, administrative and other reasons. Is appointed by the administration of the organization.

The report made must provide all relevant data regarding the effectiveness and efficiency of operations, the adequacy and reliability of financial reporting and compliance with regulations of the company.

External Auditor

Is appointed by the shareholders’ meeting must be made by a foreign public accountant and external to the company, this provides a review of the financial operations of the company to express an opinion on the reasonableness of the figures in financial statements based on accounting principles generally accepted, and to publish the results of its review, to increase the usefulness of the information it possesses.

The report or opinion that the external auditor provides public trust the reliability of financial statements and management credibility that prepared.

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Current Assets / Current Liabilities

This ratio should be greater than 1 because there must always be an adequate margin to meet the needs of immediate payment which must be incurred.

The ability to service debt in the long term, based on earnings, expected sales gain, when the project enters its normal operating phase.

Expected profits set the borrowing limits and conditions of payments of principal and interest.

This ability to pay long-term consists of earnings and expenses, which are not expenditures, including depreciation and measured by the coverage rate of the debt.

Ultimately, utilities will be reached in the exercise once
Deducting the payment of taxes, employee participation, profit sharing, etc., which allows us to cover much of the funds needed to pay debt.

The coverage ratio of debt is the relationship between the availability of the company from the utilities costs, which are not expenditures, compared to long-term loans plus interest.
As an example we have:

Net Operating Income

+ Expenses not represent disbursements

- Utilities spread

- Sales Tax

- Working Capital Requirements

Funds available for debt service.

Coverage ratio = Cash debt for debt service / Fee principal + interest long term loans

The ratio greater than 1 will indicate that the project has the capacity to pay debt.

Other indexes:

The establishment and classification of accounts of assets, liabilities, sales, collections, utilities, among others, allow us to establish certain relationships or comparisons, which are known by the name index, which we will mention some of the most commonly used to explain briefly justifications for their use.

Immediate solvency or liquidity = Cash and bank + accounts receivable + marketable securities / current liabilities

Indicates the likelihood of repayment, which has a business to meet their obligations payable within a period short enough. The relationship must be 1 or more, which would explain that there is 100% feasible to cover the enforcement of obligations.

Total capital / total liabilities

It reflects the degree of dependence between shareholders, creditors or third parties, indicating the creditworthiness and visualizing the dependency of the owners of capital against lenders. If this ratio was, for instance, 2, shareholders would have spent twice as creditors.

Capital / Total Assets

This ratio explains that part of the investments was financed with capital, or put another way, to what extent shareholders own the company.

Total liabilities / total assets

This link explains the extent to which creditors affecting the financing of the company.

Working Capital = Current Assets – Current Liabilities

Used to determine the amount of resources available at short notice to meet normal business operations or production cycle, this indicator is related to the degree of solvency of a company.

Inventory turnover = Cost of goods sold / average inventory of goods

Indicates the number of times that turn the goods or the number of times you buy or sell in periods usually for one year.

Average inventory = Beginning inventory + current inventory / 2

The turnover rate is an indicator that reflects the administrative capacity, higher turnover higher profits.

Gross Profit / Net Sales

This ratio tells us the margin between the cost of the merchandise and the sale price.

Net Income / Sales

Explains the margin of significance or importance, with prices and costs, since, when the index is high, sales prices is relatively high and their costs are low. This index is of great importance to the company’s internal control.

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As more liquid assets of the company supplying the means of paying bills as they become due and serves as a buffer fund to cover unforeseen expenses and reduce the risk of a liquidity crisis.

The box is the common denominator which can be reduced all liquid assets such as accounts receivable and inventories. The box is kept in a current account in a commercial bank that earns interest.

Efficient cash management is founded on three basic strategies:

1. Cancel the accounts payable as late as possible, without damaging the credit standing, but taking advantage of any favorable discount for prompt payment.

2. Rotate inventory so quickly, avoiding stock-outs that can result in the closure of the production line or a loss of sales..

3. Collect receivables as quickly as possible without losing future sales by the fact collection techniques used high pressure, discounts for cash payment, if economically justifiable, can be used to achieve this goal.

The full implications of these strategies for the company may be demonstrated by examining the cash cycle and the process of rotation box. The cash cycle is defined as the amount of time that elapses from when the company makes expenditure for the purchase of raw materials to the time charged for from the sale of the finished product after having transformed these raw materials.

The term cash turnover refers to the number of times per year that the company’s cash flows really.

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The management of company resources are essential for progress, this paper focuses its objectives to show key points in the management of working capital, because it is this which we largely measured the level of solvency and ensures reasonable safety margin to the expectations of managers and administrators.

The primary objective of working capital management is to manage each of the assets and liabilities of the company in such a way as to maintain an acceptable level of this.

The main assets to which attention must be paid are cash, marketable securities and investments, accounts receivable and inventory, as these are the ones who can maintain a desirable and efficient liquidity without maintaining a high number of stocks each, while the most important liabilities are accounts payable, financial obligations and accruals for these sources to be short-term financing.

ELEMENTARY

When a firm has uncertain cash inflows, should maintain a level of current assets to cover their liabilities.

Working Capital:

Working capital is defined as “the difference that occurs between assets and current liabilities of the company.”

You could say that a company has a net working capital as current assets exceed its liabilities in the short term, this leads to an organizational entity if you want to start a business or production operation must handle a minimum of working capital depend on the activity of each.

The pillars on which the working capital management are based on the extent to which management can make good on the level of liquidity, since while wider the spread between the current assets owned by the organization and its liabilities greater the ability to cover short term obligations, however, presents a major drawback because when there is a different degree of liquidity associated with each resource and each obligation, cannot make the most liquid current assets money, the following assets will have to replace them because the more of these will have the better the chance to take and convert any of them to meet their commitments.

Origin and necessity of Working Capital

The origin and the need of working capital is based on the environment of the cash flows of the company that may be predictable (the preparation of cash flow found in the writings of this channel) are also based on knowledge of maturity of obligations to third parties and credit terms with each other, but in reality what is essential and complicated is the prediction of future entries to the box, since assets such as accounts receivable and inventories are items in the are difficult to short-term cash convertibility, this shows that the more predictable are the inputs to future housing, lower working capital the company needs.

The primary objective of working capital management is to manage each of the assets and liabilities of the company.
Vs Profitability. Risk

It is said that the higher risk higher return, it is based on working capital management at the point that profitability is calculated on profits after expenses from the risk which is determined by the insolvency company may have to pay its obligations .

A concept that takes power at the moment is how to obtain and increase profits, and theoretical foundation is known for an increase of these two essential ways to achieve this, the first is to increase revenue through sales and secondly reducing costs by paying less for raw materials, wages, or services to be provided, this assumption is indispensable for understanding the relationship between return and risk together with an effective management and execution of capital work.

“The larger the amount of working capital a company has, the lower the risk that is insolvent,” that is based on the relationship that occurs between liquidity, working capital and risk is that if will increase the first or the second the third decrease in equal proportion.

And considered the above, it is necessary to analyze the key points to consider proper working capital management compared to the utility maximization and risk minimization.

Nature of Business: It is necessary to place the company in a context of social and productive development, as development of financial management in each treatment is different.

Asset capacity: Companies are always looking for dependent nature of its fixed assets at higher rates than the current to generate profits, because the former are those that actually generate operating profits.
Financing costs: Companies get resources through current liabilities and long-term funds, where the former are cheaper than the latter.

Consequently, the working capital management is very important variables that have been discussed above quickly but concisely, each one of them is a key point for the administration made by managers, directors and financial managers is recurrent then take all necessary steps to establish a capital financial structure where all current liabilities to finance an effective and efficient current assets and the determination of an optimal financing for income generation and social welfare.

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