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Investment and Finance Cycle and EFT payment controls - Coggle Diagram
Investment and Finance Cycle and EFT payment controls
Investment Activities
Investment Activities
DIsposal of Fixed Assets
Risk: Assets disposed still show on asset register
Repair and Maintenance of Assets
Risk: Items might be capitalized instead of expensed
Additions to Fixed Assets
Authorization
Financing Activities
Owners Equity
Dividends
Statutory Requirements
Shares
Borrowings
Interest
Authorization
Repayment terms
Control
Internal Control
Test of Control
Control Objectives
Substantive Testing
Assertions
Rights and obligations
Valuation
Existence
Presentation and Disclosure
Completeness
Substantive Procedures
observing physical inventory
performing analytical procedures
confirming information with external sources
reviewing management's representations
validating journal entries and account balances
examining details of accounts and disclosures
EFT
Access limited to one computer
Proper Access Control
Multi Level Passwords
For payment, 2x passwords by 2x different snr persons
Terminal shutdown after 3x consecutive failed login attempts
Recon by independent person from payment
Weaknesses and Recomendations
Weak internal control environment = risk