Armics - Process/transaction-Level Assessment
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2ARMICS - Process/Transaction-level Assessment
Significant Process:
Journal Entry
Template completed by:
Testing performed by:
Risk Event
Risk Event
Potential Problem or
Likelihood
Likelihood
Task
Potential Risk Event
Misstatement
before controls Control Activities
Control Objectives
Test of Control
Control Test Results
after controls
List your process
What can happen to
For example -
Human error is
What have you put in place to
Stewardship of assets, to
How do you know your
Put who performed
High, medium
steps here. This can
mess up the process or
information in database
always high
make sure that the potential risk
ensure accurate financial
control activity is
tests and what the
or low. This
be used to write
prevent it - look at the
is wrong.
likelihood.
event doesn't happen, or is
data, etc. etc.
working? Pull a
results were. For
lets you have
desk procedures.
risks with each step.
Choose Low,
caught timely? Second set of
sample, check for
example, 10 grant
an idea of what
Task steps should
For example, keying -
medium or high
eyes verifying data entry and
review (should be
files pulled, one was
your risk still is
match procedures -
human error (misskey)
comparing to source
signed and dated).
missing the sign off
after controls
otherwise update
documentation? (evidenced by
Indicate sample size
stamp for
are in place.
procedures.
sign off and review) You can have
etc. For example,
verification of data.
a control activity that covers
Cardinal
Put date testing was
several task steps.
reconciliations - pull 4
done.
months
Fiscal Staff creates
Incorrect FOAPAL
Inaccurate accounting
Medium
Journal voucher has to be
Reliability of financial
Review 4 month
John Doe reviewed 4
Medium
journal voucher
approved by both departments
reporting
monthly
monthly
and possibly VP level or higher
reconciliations and
reconciliations and
depending on the dollar
review for posting
there were 3 posting
amount;VCU Policy requires the
errors. Review
errors that had
approver to be someone other
evidence of FA org
already been
that the person who keyed the
review.
corrected by fiscal
entry;Rule codes only allow
staff during the
certain accounts to be keyed and
completion of the
require use of an index. Review of
monthly recon.
org by FA. Monthly reconciliations
12/31/2015
will catch any posting errors.
Wrong transaction
Inaccurate accounting
Medium
System will not post the entry if
Reliability of financial
Banner Application
Technology
Medium
date
the fiscal period is not open
reporting
Controls
Services/Financial
Reporting
Wrong type (rule code)
Inaccurate accounting
Medium
VCU Policy is one type per
Reliability of financial
Banner Application
Technology
Medium
is used
document; System rule codes will
reporting
Controls
Services/Financial
not allow some entries and error
Reporting
message displays on the
screen;Journal voucher
approvals; Review by Financial
Reporting
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