CONTROL ACTIVITIES Clause Samples
CONTROL ACTIVITIES. Control activities ensure the mitigation of risks related to the achievement of policy, operational and internal control objectives. They are performed at all levels of the organisation, at various stages of business processes, and across the technology environment. They may be preventive or detective and encompass a range of manual and automated activities as well as segregation of duties.
CONTROL ACTIVITIES. Sound internal control requires the following procedures or those offering equivalent guarantees:
CONTROL ACTIVITIES. COSO Principle 10: The entity selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.
CONTROL ACTIVITIES. Control policies and procedures must be established and executed to help ensure that the actions identified by management as necessary to address risks to achievement of the entity’s control objectives are effectively carried out. Schedule “F” – Third Party Terms
CONTROL ACTIVITIES. Sound internal control requires the following procedures or those offering equivalent guarantees:
A. Common written procedures
(a) Double-check of all steps in a transaction (ex-ante and ex-post) and where different tasks in the life of the same transaction are allocated to different staff to ensure some automatic cross-checking controls.
(b) Responsibility is supported by active supervision by accountable management of tasks delegated to subordinates (including annual statements of assurance from subordinate actors) - and not merely considered a passive or theoretical concept.
(c) Exceptions (inter alia, exceptions to normal procedures approved at appropriate level, unapproved exceptions and control failures whenever identified) are always recorded, logged, reviewed at appropriate levels and reported.
(d) Registration of any internal control weakness identified from any source and management responses are recorded and followed-up.
(e) Significant risks to continuity (e.g. concerning loss of data, absence of individuals etc) are identified and contingency plans put in place where possible.
(f) Every change in the procedures and the programme, and in particular those relating to the financial provisions, is recorded and the manuals, instructions, databases, checklists updated in due time.