Control gaps Sample Clauses

Control gaps i) Ex-employees continue as custodian of asset Asset custodian is the field in Asset Master which denotes the custodian of capital assets who is responsible for safe custody, physical verification and movement etc. of the assets. Audit analysed the data where the custodian name is mentioned in the Asset master table to see if any of the retired employees still continue to appear as custodian. To this end, the database of Asset master containing the assets custodian details was joined with that of SAP report on ex-employees based on the field Custodian/ ex-employee name. It was observed that 571 ex- employees (retired before 01 April 2014) continued as custodians in case of 11,369 assets valuing `87.43 crore. Audit recommended that management may ensure appropriate controls in place to check the continuance of retired employees as custodians of assets. Management/ Ministry replied (April 2019/ August 2019) that 441 out of 571 records pointed out by Audit have been removed as custodian of assets and a system based control for automatic transfer of assets lying in the employee’s account and issuance of no objection certificate/ relieving order through system has been advised. Ministry further added that adequate controls are in place to check the continuance of retired employees as custodians and report has been provided to the locations for corrective actions for discrepant custodians in the asset masters. The corrective action initiated at the instance of Audit is noted.
Sample 1
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Related to Control gaps

  • Noise Control The use of sound equipment is prohibited unless approved by Management. Any electronic equipment or machinery which is determined to be distracting to other exhibits will not be permitted.

  • Control Notwithstanding any other provision of the Agreement, it is understood and agreed that the Trust shall at all times retain the ultimate responsibility for and control of all functions performed pursuant to this Agreement and has reserved the right to reasonably direct any action hereunder taken on its behalf by the Sub-Adviser.

  • Control of Defense At its option, the indemnifying Party may assume the defense of any Third Party Claim by giving written notice to the Indemnified Party within thirty (30) days after the indemnifying Party's receipt of an Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be construed as an acknowledgment that the indemnifying Party is liable to indemnify any indemnified Party in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying Party of any defenses it may assert against any indemnified Party's claim for indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the indemnifying Party. In the event the indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the indemnifying Party all original notices and documents (including court papers) received by any indemnified Party in connection with the Third Party Claim. Should the indemnifying Party assume the defense of a Third Party Claim, the indemnifying Party shall not be liable to the Indemnified Party or any other indemnified Party for any legal expenses subsequently incurred by such indemnified Party in connection with the analysis, defense or settlement of the Third Party Claim. In the event that it is ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless an Indemnified Party from and against the Third Party Claim, the Indemnified Party shall reimburse the indemnifying Party for any and all costs and expenses (including attorneys' fees and costs of suit) and any Losses incurred by the indemnifying Party in its defense of the Third Party Claim with respect to such Indemnified Party.

  • Change of Control There occurs any Change of Control; or

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  • Change in Control For purposes of this Agreement, a "Change in Control" shall mean any of the following events:

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  • Change in Ownership Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

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  • Data Input Control It will be possible to retrospectively examine and establish whether and by whom Personal Data have been entered, modified or removed from SAP data processing systems. Measures: • SAP only allows authorized personnel to access Personal Data as required in the course of their duty. • SAP has implemented a logging system for input, modification and deletion, or blocking of Personal Data by SAP or its subprocessors within the Cloud Service to the extent technically possible.

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