Identify important internal control activitiespresent in a properly designed system tomitigate the risk of material misstatementsfor each relevant assertion in the revenueand collection cycle.

Internal control activities to mitigate risk in revenue and collection cycle:

1. Monthly reconciliation of revenue ledger to sales register and invoice copies to ensure accuracy and completeness of revenue recorded.

2. Investigating, the AR aging to identify the balances remaining unpaid over a long period of time to ensure cut off is adhered to

3. Preparing monthly bank reconciliation to identify reconciling items of cash balance to adhere to valuation, accuracy, and completeness of cash balances.

4. Test of controls to test the operating effectiveness of controls