Sort Deficiency Facts Before You Rate Severity

Sort the deficiency statements before rating severity. Performance Fact Severity Factor Compensating Control Remediation Action The reconciliation was completed on business day 11 instead of business day 5 The affected account balance was $18 million at quarter end Daily cash monitoring independently reviewed unusual bank activity above $25,000 Management will add automated reminders and escalation by business day 4 No misstatement was identified in the late review sample The reviewer did not document exception resolution for two reconciling items A separate controller review ties cash totals to the GL before financial statements are issued The process owner will redesign the…

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