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Question 272 - IIA-CIA-Part2 discussion

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During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process.

Which of the following responses would be most effective to mitigate this risk?

A.
The treasury supervisor establishes a threshold for amounts on bank statements to be reconciled against data in the system
Answers
A.
The treasury supervisor establishes a threshold for amounts on bank statements to be reconciled against data in the system
B.
The treasury analyst performs a daily reconciliation of al bank statements obtained via email against data in the system
Answers
B.
The treasury analyst performs a daily reconciliation of al bank statements obtained via email against data in the system
C.
The treasury analyst reviews a daily report automatically generated by the treasury system, which shows bank statements that have not been uploaded into the accounting system.
Answers
C.
The treasury analyst reviews a daily report automatically generated by the treasury system, which shows bank statements that have not been uploaded into the accounting system.
D.
The treasury supervisor seeks an annual confirmation from the bank regarding the bank statements processed within a year
Answers
D.
The treasury supervisor seeks an annual confirmation from the bank regarding the bank statements processed within a year
Suggested answer: C

Explanation:

To mitigate the risk that all bank accounts may not be included in the daily reconciliation process, the most effective response is to ensure that the treasury analyst reviews a daily report generated by the treasury system. This report highlights any bank statements that have not been uploaded into the accounting system, ensuring that all accounts are accounted for in the reconciliation process. This automated approach reduces the risk of human error and ensures completeness and accuracy in the reconciliation process.

The Institute of Internal Auditors (IIA) Practice Guide: Auditing the Treasury Function

IIA Standard 2130 - Control

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asked 18/09/2024
ABDUL AZEEZ
36 questions
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