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Establish, implement, and maintain an accounting system.


CONTROL ID
08950
CONTROL TYPE
Establish/Maintain Documentation
CLASSIFICATION
Preventive

SUPPORTING AND SUPPORTED CONTROLS




This Control directly supports the implied Control(s):
  • Operational management, CC ID: 00805

This Control has the following implementation support Control(s):
  • Acknowledge payments in accordance with contractual obligations or legal obligations., CC ID: 06897
  • Include a reconciliation process in the accounting system., CC ID: 08951
  • Include traceability documentation in the accounting system., CC ID: 08952
  • Include a documented list of purchases and receipts in the accounting system., CC ID: 08953
  • Include a reconciliation process for inventories, receipts, sales, losses, and tolling in the accounting system., CC ID: 10017


SELECTED AUTHORITY DOCUMENTS COMPLIED WITH




  • The smelter must have an accounting system to document the tin/tungsten/tantalum receipts and products that are shipped and sold. (§ B(II) ¶ 1, Conflict-Free Smelter (CFS) Program Supply Chain Transparency Smelter Audit Protocol for Tin, Tantalum and Tungsten, December 21, 2012)
  • Buyers and sellers should maintain records that include the date and/or lot codes and serialization number of the purchase order and invoice. (App D § D.1.1.a, SAE AS 5553: Fraudulent/Counterfeit Electronic Parts; Avoidance, Detection, Mitigation, and Disposition, Revision A)
  • Financial and accounting controls in place to clear and settle transactions. (App A Tier 1 Objectives and Procedures Objective 6:7 Bullet 1, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Proper accounting controls for the balancing, settling, and reconciliation of all bankcard and acquiring accounts under its control. (App A Tier 2 Objectives and Procedures F.7 Bullet 1, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)