Things I forgot but now realize are important

Question 1

Data entry controls

Answer 1

• field check
• sign check
• limit check
• range check
• size check
• completeness check
• validity check
• reasonableness test
• check digit verification

Question 2

Availability Controls

Answer 2

• preventative maintenance
• fraud tolerance ( redundant components)
• data center location and design (raised floor; fire suppression; air conditioning; uninterrupted power supple ( UPS ); Surge protection
• backup procedures ( incremental, differential)
• Disaster recovery plan ( DRP) ( cold&hot site)
• Business continuity plan ( BCP) (resume operations )

Question 3

controls for posting adjusting entires in general ledgers

Answer 3

• data entry processing integrity controls
• spreadsheet error protection controls
• standard adjusting entries
• reconciliations and control reports
• audit trail creation and review
• access controls

Question 4

controls for preparing financial statements

Answer 4

• processing integrity controls
• use of packaged software
• training and experience in applying IFRS and XBLR
• audits