Beruflich Dokumente
Kultur Dokumente
INTERNAL CONTROL
Control Objectives
1. To ensure that all and only valid and authorized borrowings and equity issuance are
2. To ensure that all financing transactions are properly valued and classified and
5. To ensure that all borrowings and equity issuance are properly presented and fully
6. To ensure that transactions are fully disclosed and properly presented in accordance
properly segregated.
Control Activities
General Controls
Segregation of Duties
the Finance Manager, recording of the transaction is done by the Controller, and
Only borrowings and dividend declarations with resolution of 2/3 of the Board are
processed;
Section: Financing Subsystem Subsection No: 070-02
Subsection: Internal Control Page 2 of 3
Only Request for Additional Financing reviewed and endorsed by the General
Only approved and verified Requests for Payment are processed by the system.
Documentation
system users;
Approvals are encoded but endorsements and resolutions of the BOD are
Reconciliation
Treasurer reconciles proceeds from loan with Loan Contract and Bank Notification
before update of Cash Receipts Transaction File and Cash and Cash Equivalents
recorded.
Access Control
access;
Log-in requests are compared with the system’s database that has an access
control list integrated into its employee master file allowing employees to access
Compliance Review
Section: Financing Subsystem Subsection No: 070-02
Subsection: Internal Control Page 3 of 3
Application Controls
Input Controls
Missing data checks disables the system to proceed processing transactions with
Processing Controls
Output Controls
Listings of access and report printing initiation are produced to provide audit trail
Reports and documents that have passed their storage life are appropriately
disposed.