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Financial instruments (ROMM (JIBAR wrong, Not compensate for credit risk,…
Financial instruments
ROMM
JIBAR wrong
Not compensate for credit risk
valuator
different currencies
incorrect rate of similar contract
Not discounting in P&L
Increase asset value
Not all instruments included
Might not exist
May be after the maturity date and still in records
FV not calculated correctly
Might not pertain to company
Assets and liabilities might not be separately disclosed
Overstated or trade with unapproved party
Subsequent events might not be taken into account
accuracy, valuation & allocation
Contract period
assumptions
Fair value
Time value of money
experience and expertise of expert
Terms and conditions
Nominal amount
Fixed interest rate
Variablerate payable
Commencement date
Settlement date
Reasonableness of forward rate
Valuation method
Credit worthiness
General ledger and trial balance
REcalculate total
list of all contracts
agree to ledger and afs
Completeness
Confirmation
Supp docs
FEC contract thats listed in subledger
minutes of meeting
Existence
bank statement premium
T&C
minutes