Back

Include a reconciliation process in the accounting system.


CONTROL ID
08951
CONTROL TYPE
Establish/Maintain Documentation
CLASSIFICATION
Preventive

SUPPORTING AND SUPPORTED CONTROLS



This Control directly supports the implied Control(s):
  • Establish, implement, and maintain an accounting system., CC ID: 08950

There are no implementation support Controls.


SELECTED AUTHORITY DOCUMENTS COMPLIED WITH



  • reconcile the data reported for Disclosures 207-4-b-iv, vi, vii, and viii with the data stated in its audited consolidated financial statements, or the financial information filed on public record, for the time period reported in Disclosure 207-4-c. Where the data reported does not reconcile with th… (Disclosure 207-4 ΒΆ 2 2.2.1, GRI 207: Tax, 2019)
  • Accounting reconciles bankcard and ATM transaction activities daily. (App A Tier 2 Objectives and Procedures F.1 Bullet 1, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Assess the adequacy of the balancing procedures used for all ACH payments received and whether they include balancing to the aggregate payments sent to an ACH operator. (App A Tier 2 Objectives and Procedures I.2, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Determine whether the institution balances all payments received from an ACH operator to the aggregate of payments delivered to customers. (App A Tier 2 Objectives and Procedures I.3, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Determine whether the institution reconciles all general ledger accounts related to ACH activities on a timely basis. (App A Tier 2 Objectives and Procedures I.5, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Determine whether the institution reconciles the ACH activity and pending file totals daily with the ACH operator. (App A Tier 2 Objectives and Procedures I.7, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Assess the effectiveness of the reconcilement with third-party service providers preparing ACH transaction files and ensure daily reconciliation. (App A Tier 2 Objectives and Procedures I.8, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Determine whether accounting staff reconciles individual outgoing ACH batches before merging them with other ACH transactions. (App A Tier 2 Objectives and Procedures I.10, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Determine whether there are separate accounts to control holdovers, adjustments, return items, rejects, etc. and whether they are periodically reconciled. (App A Tier 2 Objectives and Procedures I.11, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)
  • Procedures for item repair. (App A Tier 2 Objectives and Procedures M.2 Bullet 7, FFIEC IT Examination Handbook - Retail Payment Systems, April 2016)