VAC Flashcards

1
Q

Frame work access controls
identified
authenticated
authorized
iaa-

A
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2
Q

Segregation of duties

A

VALIDITY

The same person should not be responsible for multiple
functions within a function
(Students must state exactly who should perform each
function in order to achieve this)

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3
Q

Custody of assets

A

VALIDITY/ CUSTODY OF ASSETS

-Assets should be kept behind locked doors.
- Only authorised personnel should be given keys.

  • Security guards should monitor access to the premises
  • Visitors should be required to show identification before
    entering the premises and visitors should sign a log book
    to document their visit
  • CCTV cameras should be in place to monitor assets
    (Students should state which assets the above controls
    should be over – inventory, cash, etc.)
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4
Q

Reconciliations

A

Validity/accuracy/
completeness

  • Subsidiary ledgers to be reconciled to control accounts
    (e.g. debtors ledger to accounts receivable control
    account)
  • Between documents from subsequent stages (e.g.
    reconcile amounts on invoices to amounts on delivery
    notes and orders)
    (Students clearly state what is being reconciled i.e. a
    reconciliation of XXX to YYY).
    See ‘Management Controls’ below for the review of the
    reconciliation
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5
Q

Controls over unused documents

A

Validity

Unused documents should be:
- Difficult to copy
- Crossed/stamped when no longer in use/paid
- Kept in a safe with only management having keys
Documents should be issued to staff only when necessary
- This should be logged
- Both the staff member and management to sign as
evidence of issuance

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6
Q

Management controls

A

Validity

Management should set policies and communicate these with
staff. Policies might include those over:

  • limits (overtime hours, credit limits, wage rates etc.)
  • authorised suppliers
  • hiring and firing of staff
    Management should give specific authorisation for any
    override of policy (evidence by signature)
    Management should review the following
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7
Q

Validity/accuracy/
completeness

A

Logs of documents issued
- Reconciliations carried out by employees
- Customer/employee complaints
-
Management should train staff on the operation of controls
Management should monitor the operation of controls by
performing spot checks

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8
Q
A
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