Payment
Controls provide reasonable assurance that transactions are completely and accurately paid through the financial cycle.
- Segregation of duties exists between the processing and payment departments.
- Data from the processing cycle is balanced with the results of the payment cycle.
- Check stop and authorization to wire payments are restricted to personnel with logical need.
- All payments are reviewed and approved.
- Remittance advices are provided to clients that provide transaction details.
- Bank reconciliations are prepared on a regular basis by personnel independent of the processing and payment departments.
