Purpose:
Section titled “Purpose:”The purpose of the MR process is to establish the standards and processes needed to cover the authorizations, segregation of duties, record keeping, safeguarding records, and reconciliations of these processes are followed.
Scope:
Section titled “Scope:”Management Responsibility affects all members of the organization; however, it is the responsibility of the executive team, HR, Controller, and company IT Manager to ensure the correct people, procedure, and technology are employed to get the desired results.
Responsibility:
Section titled “Responsibility:”Executives, HR Manager, Accounting Manager, Senior IT Manager
Process References:
Section titled “Process References:”- Image of process map (TBD).
- Annual Management Review - KBX
- Authorizations - KBX
- Segregation of Duties - KBX
- Record Keeping - KBX
- Safeguarding Assets and Records - KBX
- Reconcilitations - KBX
Definitions
Section titled “Definitions”- MR - management responsibility
- Authorizations - transactions must be authorized and executed in accordance with management’s intent
- Segregation of Duties - segregation is adequate when no one person is in a position to initiate and conceal errors and/or irregualrities in the normal course of their duties.
- Record Keeping - adequate record keeping ensures that assets are properlt controlled and transactions are properly recorded as to account, amount and period.
- Safeguarding - limiting access to and controlling use of assets and records are ways to safeguard those assets and records.
- Reconciliations - independent verifications, which help to ensure that the other four control activities are functioning aas intended.