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Verification Of Source Documents For Master File Changes
by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: Are we required to verify source documents for master file changes (file maintenance)? Our system produces a daily report listing what was changed (the from and to) and who changed it. Do we really have to compare the source document to the report produced by our system?
Answer: Verification of source documents on a sample basis will provide a control over errors and potential misdealing by staff. One of the easiest ways to "mess with" a customer's accounts is to change an address and have statements routed elsewhere.
While it may not be feasible to do a 100% verification of all source documents, I think that verifying a random sample on a regular basis helps keep your staff honest and your auditors satisfied concerning your controls.
First published on BankersOnline.com 05/5/03
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