Week 5 - Categorising Controls Flashcards
(16 cards)
1
Q
What is the word to remember how to categorise controls?
A
SOAPSPAM
2
Q
S (first)
A
Segregation of duties
3
Q
O
A
Organisational controls
4
Q
A (First)
A
Authorisation and approval
5
Q
P (First)
A
Physical controls
6
Q
S (Second)
A
Supervision
7
Q
P (Second)
A
Personnel
8
Q
A (Second)
A
Arithmetical procedures
9
Q
M
A
Management
10
Q
Segregation of duties
A
No one person having full responsibility from start to finish
11
Q
Organisation controls
A
Typical organisation hierarchy - who reports to who and who is responsible for what - being clear about people’s roles
12
Q
Authorisation and approval
A
Delegation of authorities - larger orders require higher authority
13
Q
Physical controls
A
e.g a safe to put cash in
14
Q
Supervision
A
Work being supervised by a manager
15
Q
Arithmetical procedures
A
- the system adding up
- a lot of it is system driven, but could also be bank reconciliation
16
Q
Management
A
Management are making a decision to improve things
