Continuous Transaction and Controls Monitoring  Questions Outline

1          Creating Controls and Mapping to Business Processes                

1.1       Identify and Document Business Processes and Classes of Transactions            

1.2       Identify, Document and Create, Policies, Control Objectives, and Test
            Activities                       

1.3       Relating and Mapping Control Objectives, to Business Processes and Evaluating 
            their Effectiveness                  

1.4       Controls Coverage and Creating New Controls            

1.5       Mapping Control Objectives to Tests               

2          Rules, Alerts and System Analytics            

2.1       Rules and Data Mining Libraries                       

2.2       When are Alerts Generated                  

2.3       Scoring/Weighting Results                    

2.4       Monitoring Types Supported               

2.5       Analytic Types Supported                    

2.6       How does the System Treat Recurring Alerts, Errors and Exceptions                

2.7       Governance Violations             

3          Continuous Transaction Monitoring            

3.1       Segregation of Duties Controls/Violations                     

3.1       Historical and Periodic Analysis: Misuse, Abuse, Fraud, Errors, and Duplicate   
            Payments                      

• Anomalous Behavior - Periodic and Temporal              
• Concealment               
• Fraud              
• Errors              
• Duplicate Payments and Recovery                   
• Misuse and Abuse                   

4          Business Activity Monitoring and Analysis            

4.1       Budget: Forecast and Historical                        

4.2       Financial Accounting and Earnings Performance                       

• Vouchers and Payment Processing                   
• Adjusting Entries, Reserves and Accruals

4.3     Business/Financial Leakage

• Discounts Earned vs. Taken                 
• Goods Received
• Sales Commission Abuse 

4.4       Foreign Exchange Changes/Risk                      

4.5       Transfers vs. Revenue Recognition                   

4.6       General Ledger and Sub Ledger                      

4.7       Closing/End of Period Activities                       

4.8       Audit and Compliance System Integration            
        

5          Continuous Improvement Support               

5.1       Inefficiencies                

5.2       Reducing Noise and False Positives                 

5.3       Resolving conflicting reconciliation tasks                       

5.5       Preemptive Control Capabilities                       

5.6       Vendor Maintenance