We recently had an IT Audit and one of the recommendations is to perform a daily review of our manual transaction postings (we manually post things such as monthly depreciation, interest earned on our Fed acct, payroll entries and so on). Some days the report is 10 pages, other days it is nearly 100 pages (around month-end). I am not disputing the need for these procedures - I think this is a very necessary control, however, I am not even sure where to start. (I didn't find what I received from the auditor to be very helpful, so I wanted to reach out to those in the industry.)
Does anyone have procedures they could share. I am thinking of establishing a threshold for review - for example review the report in it's entirety for large transactions and anything that looks suspicious and if a posting is greater than say, $5,000 pull the backup and establish that it is legitimate. And then of course have no dollar threshold for anything that looks suspicious.
Any thoughts or opinions would be greatly appreciated!
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The opinions I express are soley mine.