Financial Controls
Which controls we operate, who owns them, when they were last tested — and the second signature on a manual journal, which is the last control standing.
13 steps · 10 questions · 12 screens on this shelf
The screens on this shelf
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Control Summary
The framework in one row per process — how many controls, how many key, how many effective, and how many material weaknesses. The page an audit committee is shown.
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Records
Control Register
Which controls we operate, who owns each, when it was last tested and what we are doing about the ones that failed. A different shape from an audit log, which records changes rather than assurance.
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Control Tests
A test result with no sample size is an opinion. The population, the sample and the method are what make it evidence.
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Records
Deficiencies
The three levels are not synonyms: a material weakness has to be disclosed. A finding with no owner and no date is a finding that reappears next year.
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Records
Control Frameworks
The published framework a control is claimed against. Naming COSO does not make a control effective, but an auditor asks which, and a control mapping to none is one nobody outside the company recognises.
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Account Reconciliations
Ageing the reconciling items is the whole discipline: a difference that has been there for eleven months is not a timing difference.
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Records
Reconciling Items
A reconciliation with a difference and no explanation is a number somebody will plug.
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Records
Reconciliation Policies
Which accounts are reconciled, to what, how often and by whom. The accounts nobody reconciles are where errors live for years.
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Journal Approvals
The second pair of eyes — the last control standing once every document-driven route is locked down. Never the person who asked.
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Records
Journal Approval Rules
When a manual journal needs a second signature. Any one trigger is enough — the threshold, a reversal, a backdated entry — because each is a real audit test on its own.
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Journal Audit Trail
Every manual, backdated, out-of-hours or round-number journal, with whether it was approved and which period it landed in. Each marker is a real audit test; a journal carrying four is where an auditor starts.
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Records
Certifications
A controller signs that the entity’s numbers are right. A certification WITH exceptions is worth far more than one without — the ones without are the ones people sign without reading.
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