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Structuring Effective Controls Over the Five Primary Transaction Cycles
What’s Inside
This is one part of a series designed to help organizations identify risks and improve internal controls over financial reporting. Click here to access the rest of the series, including a set of five downloadable tools organizations can use to help assess their own controls.
Chapter 1, Treasury and Cash Management, describes the processes, risks and recommended controls associated with managing your organization’s treasury function, bank accounts and investments.
Key Points
Treasury and Cash Management — including investment management — focuses on maintaining liquidity, safeguarding cash, complete and accurate reporting, and managing cash flows. It is key to ensuring financial stability and solvency. Key processes include:
- Cash management
- Investment management
Chapter 1 includes an overview of Treasury functions, descriptions of processes and subprocesses, descriptions of internal controls organizations can leverage to manage risks, and a table describing key risks and controls for each process and subprocess.
In addition, this chapter includes a downloadable, customizable risk–control matrix with a detailed list of risk considerations by process, with suggested controls to address each one.
Why It Matters
Whatever the size or complexity of your organization, implementing the right controls over treasury and cash management lays the foundation for a well-controlled financial reporting environment.
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Log In Create AccountStructuring Effective Controls Over the Five Primary Transaction Cycles
This is one part of a series designed to help organizations identify risks and improve internal controls over financial reporting. Click here to access the rest of the series, including a set of five downloadable tools organizations can use to help assess their own controls.
Internal control over financial reporting (ICFR) is an integral element in every financial leader’s toolbox. Having the right controls, properly implemented, allows leaders to ensure that they have timely, accurate and complete financial information to make informed decisions. Weaver designed this guide as a roadmap to help any organization, regardless of industry, understand these cycles, the specific processes and subprocesses you need, and controls you can implement to manage your financial risks. It will also walk you through a step-by-step analysis of financial and operational risk and control considerations for the five primary cycles.
The five primary cycles are universal, in that every organization has them. However, every organization is unique in its exact processes and needs. As you use this guide and the downloadable risk-control matrices, you will need to examine your own processes to customize controls for your operations, while eliminating what is unnecessary.
What’s Inside?
This chapter, Treasury and Cash Management, describes the processes, risks and recommended controls associated with managing your organization’s treasury function, bank accounts and investments.
Download the corresponding Risk–Control Matrix, which includes common processes, risks and controls that you can customize to your organization’s specific needs.
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Download the Complete Set
In addition to this chapter, the complete Structuring Effective Controls over the Five Primary Transaction Cycles includes an overview and four additional chapters with information about the other transaction cycles. It also includes illustrative risk–control matrices for all of the five cycles that you can use to help identify and begin closing gaps in your own controls.