Entity : Greaves Cotton Ltd.

Division : Fixed Assets

Financial Year : 2016-2017
Process : Fixed Assets Management
Control No

Type Nature Type TOD

Nature of
Process Sub process Control Objective Risk of of Entity actual control of Frequency (Pass
Control Test Strategy Documents Examined Reason
Risk Risk Control or
Fail)

FA.1 Fixed Assets Budgeting Capital expenditure budget Inadequate budgeting 1. CAPEX Budget proposals is approved by the Corporate CAPEX Committee 1. Take the capital expenditure budget for the current
Management is adequately approved as process, investment analysis & presented to the Board of Directors for approval. year.
per policy. and prioritization process. 2. Approved CAPEX budget becomes budgeted CAPEX for succeeding 2. Check whether Capital expenditure budget is approved
financial year. by defined DOA personnel (Board of Directors. at the
3. In case of Unbudgeted procurement approval from Finance Head, CFO & company level.
Financial Critical Manual Preventive Yearly
MD is taken. 3. Randomly select any CAPEX item and Verify the
4. Approved CAPEX budgeted (Approved by Board. and Unbudgeted budgeted amount matches with the CAPEX portal
(Approved by Finance Head, CFO & MD) is uploaded in the CAPEX Portal. 4.Select a sample for unbudgeted procurement & verify
whether it is approved by Finance Head , CFO & MD.

FA.2 Fixed Assets Fixed Asset All Fixed Asset Requisition Fixed Asset requisition for 1. Capital request note (CRN) for proposed Cape expenditure is submitted in 1.Select a sample for CRN
Management Procurement are raised for approved Unapproved Project under the Cape management portal for approval. Each CRN have a distinct 2. Verify that CRN is raised in system for cape
budgeted projects. Approved Project budget. numbering sequence. expenditure submitted in cape management portal.
Authorization of Unviable / 2. CRN (budgeted. is raised and approved in line with the Schedule of 3.Verify whether CRN is approved as per DOA.
Non Productive CAPEX. Non- Authority defined in the Portal. 4. Verify financial evaluation for CRN value exceeding 25
Operational Automated Preventive Ongoing
critical 3. Financial Evaluation are mandatory for CRN value exceeding 25 Lakhs. Lakhs.
4. Any CRN whose implementation has not commenced within 6 months will 5.Obtain dump of CRN & verify whether all CRN ageing
lapse and require re-submission for approval as per the original process. more than 6 months are lapsed in the system.

FA.3 Fixed Assets Fixed Assets Purchase decisions are Competitive quotation not 1. SOP on procurement of Cape defines the company policy for invitation of 1.Select sample for procurement for asset during the
Management Procurement made on the basis of obtained resulting in two quotes. period.
competitive quotations inappropriate purchase 2. Commercial negotiation should be carried out by the purchase committee 2.Obtain document for receipt of two quotation from &
from suppliers. decisions. before approval of FSR proof for negotiation with supplier.
Non- 3. Financial Sanction Request (FSR. for vendor selection is approved in the 3.Verify that FSR is approved in Cape management
Operational Automated Preventive Ongoing
critical Cape management portal as per the Schedule of Authority. portal as per SOA.
4. Financial Evaluation are mandatory for FSR value exceeding 25 Lakhs. 4.Financial evaluation report for FSR exceeding 25 Lakhs
5. No Purchase order will be approved without approved FSR. 5.Obtain evidence / screenshot that purchase order will
not be approved without FSR.

FA.4 Fixed Assets Fixed Assets All purchase orders placed Purchase orders generated 1. FSR & PO amount cannot exceed CRN amount in any case in system. 1.Obtain screenshot that system does not allow to raise
Management Procurement are for approved/ valid for values in excess of the Unbudgeted amount to be approved by Cape committee and Board and FSR & PO exceeding CRN amount.
requisitions. approved limits. Non- revised CRN to be prepared and approved. 2.Select sample where CRN amount is increased due to
POs are generated as per Financial 2. Any increase in CRN amount due to tax rate will be approved by Corporate Manual Preventive Ongoing tax rate changes & revised amount is approved by
critical
approved limits finance & budget will be updated in system Corporate IT team. corporate finance & budget is revised in system.

FA.5 Fixed Assets PO terms All Commercial terms & Unauthorised commitment by 1. Commercial terms as mentioned in FSR are same in Purchase Order 1.Select sample of PO & compare the terms of PO with
Management condition as mentioned in changing commercial terms 2. System provides adequate fields to record all possible purchase terms. its FSR.
FSR should also be in PO as compared to terms 3. Details are reviewed at PO approval stage by approving authority 2.Verify that approver verifies FSR terms & approves
forming part of purchase mentioned in FSR stage PO.
order. Purchase Order is not
comprehensive and does not
contain clauses for Taxes, Non-
Operational Manual Preventive Ongoing
Transportation and delivery critical
schedule, liquidated
damages clauses, warranty
clauses.

FA.6 Fixed Assets Fixed Assets Adequate approval of PO Unauthorized CAPEX 1. Procurement team raise purchase order in the system, PO is authorized in 1.Obtain screenshot for PO release strategy in SAP from
Management Procurement as per DOA procurement Non- system as per Schedule of authority. ME team
Operational Automated Preventive Ongoing
critical 2. Select a sample for PO & verify whether PO is
FA.7 Fixed Assets Fixed Assets Processing of only feasible CAPEX processed for Non 1. Budgeted CAPEX for which CRN has not been raised and Open CRNs are approvedaas
1.Select per SOA.
month on sample basis & obtain dump of Open
Management Procurement CAPEX (CRN & FSR) feasible / unwanted projects reviewed on a quarterly basis by : CRN /FSR.
• Department Head, 2.Obtain evidence for review of CRN by appropriate
• Financial Controller, authority.
Non- • Corporate Functional Head,
Operational Manual Detective Quarterly
critical • COO / CEO
• Corporate CAPEX Committee (above INR 25 lakhs); and
• Board of Directors (above INR 5 crores).

FA.8 Fixed Assets Capital Advance Assurance for the Capital advance given is not 1.Advance payments terms and amount is finalized at the time of negotiating 1.Verify whether advance payments terms and amount is
Management performance by the vendor authorised with the vendor by the purchase committee. finalized at the time of negotiating with the vendor by the
as per contract terms. Non- 2.All advance payment requests are raised in the CAPEX management purchase committee.
Financial portal & approved by FC/ Head-Business or Function /Corporate Department/ Automated Preventive Ongoing 2. Select sample where advance payment is made to
critical
Region. vendor.
3.Verify that request for advance payment is raised in
FA.9 Fixed Assets Fixed Assets Appropriate accounting of Accounting of fixed assets 1. Fixed Asset GRN (linked to PO) has been prepared by the stores CAPEX management
1.Select portal assets & verify whether gate
a sample for receipt
Management Receipt receipt of FA without reaching the Non- department only after physical receipt of Asset. inward entry exist for same assets.
Financial Manual Preventive Ongoing
Company's premises critical

FA.10 Fixed Assets Receipt of Fixed Timely recording of receipt Delay in recording of receipt 1. Gate entry of receipt of asset is being prepared on same day of receipt . 1.Select a sample for receipt assets & verify with gate
Management Assets of Assets of asset resulting into delay in Non- 2. GRN is made only after verifying the challan which contains confirmation inward register whether gate inward entry exist for same
asset put to use & Operational from ME that asset has been unloaded at the required location and free from Manual Preventive Ongoing assets on same day.
critical
capitalisation physically visible defect. 2.Obtain the evidence for verification of challan &
document for certification that asset is defect free.
FA.11 Fixed Assets Receipt of Fixed Assets description and PO's are not matched to 1. All Stores and buyer department ensure to review quality specifications, 1.Obtain evidence for review of quality specifications,
Management Assets specification should be supplier invoices/delivery asset description on the suppliers delivery challan with the PO for each asset. asset description on the suppliers delivery challan with
match with the PO details. challan before acceptance of Non- the PO selected sample.
the receiving report Operational Manual Preventive Ongoing
critical
 Control No

Type Nature Type TOD

Nature of
Process Sub process Control Objective Risk of of Entity actual control of Frequency (Pass
Control Test Strategy Documents Examined Reason
Risk Risk Control or
Fail)

FA.12 Fixed Assets Tagging of All fixed assets purchased/ Non-traceability of assets and 1. Fixed asset are tagged and numbered physically. 1. Verify whether selected fixed asset is tagged &
Management Fixed assets capital work-in progress difficulties in reconciliation Non- 2. Additionally in Asset master location of asset is recorded. numbered.
(CWIP. are tagged due to incorrect tagging. Operational Manual Preventive Ongoing
critical
appropriately.

FA.13 Fixed Assets Payment Processing of payment for Incorrect processing of 1.Before processing of Invoices Accounts departments verifies PO terms & 1. Randomly select a transaction of Retention of capital
Management retention money retention money resulting in Non- accordingly split the Invoice amount. Retention amount will be kept under assets.
appropriately. incorrect vendor liability. Financial payment block till receipt of work completion certificate from Engineering Manual Preventive Ongoing 2. Verify that it amount is blocked for payment as per PO
critical
department. Terms.
3. Verify & obtain evidence that Accounts department
FA.14 Fixed Assets Commissioning Accurate & complete Inaccurate, incomplete or 1. There is regular tracking of delays between requisition to final acquisition / review sundry
1.Obtain creditors
document for withheld
for review amounts.
of tracking of delays
Management processing of purchase delayed processing of Non- installation. between requisition & asset installations.
orders purchase orders resulting in Operational 2. Project wise tracking is done to ensure timelines are met and Manual Preventive Ongoing
critical
invalid transactions correspondence with the vendor for ensuring delivery

FA.15 Fixed Assets Capitalization All fixed assets purchased/ Classification 1. Date, amount, quantity, depreciation rate, classification is reviewed by the 1.Take samples of an asset capitalised during the period.
Management capital work-in progress errors/ Capitalization of Assistant Manager -Accounts and the same is supported by adequate Check process of capitalization in terms of date, amount,
(CWIP) are accurately incorrect items and incorrect documents. quantity, depreciation rate, classification.
recorded to the correct updating in the fixed asset 2. User department issue certificate regarding receipt of assets & date of put 2.Check access rights to pass capitalization entries.
account codes in the register. to use. 3.Obtained evidence for review of long pending/
appropriate accounting 3. Installation report (as applicable) / Put to use certificate gives the date for incomplete projects. Check its documentation and review.
period in accordance with capitalization of the asset. Check whether pendency is supported by adequate
the company's accounting Financial Critical 4. FAR module in the system does not permit change of date of capitalisation. Manual Preventive Ongoing justifications from authorized personnel.
policy and represent fixed
assets actually acquired
by the company

FA.16 Fixed Assets Capitalization All fixed assets All direct costs relating to 1. All direct costs like freight, C&F charges on imported machinery & 1. Randomly select transactions for capitalisation of
Management maintenance costs are assets are not being captured equipment's & other service charges like erection cost, commissioning of Machinery & equipment's to verify whether all direct cost
accurately recorded to the for capitalization resulting in equipment, consultation charges, etc. are booked through PO which is & service charges are capitalised.
correct account codes in a incorrect fixed assets and Non- mapped against one internal order. 2. Check in case of imported machinery whether
timely manner related expense balances Financial 2. Also in case of Imported assets foreign exchange fluctuation is accounted Automated Preventive Ongoing exchange rate used for booking is on the date of bill of
critical
by SAP automatically on the basis of exchange rate entered in SAP. entry

FA.17 Fixed Assets Borrowing cost All fixed assets borrowing Non compliance with 1. Commitment charges and Interest on specific borrowing are accounted in 1. Randomly select transactions for capitalisation of
Management cost for qualifying assets accounting Standard Non- compliance with AS-16 for borrowing cost. Machinery & equipment to verify whether all interest cost
are accurately recorded Financial Manual Preventive Ongoing for borrowing is accounted in compliance with AS
critical

FA.18 Fixed Assets Project Expenditure which are Incorrect accounting of 1. All project expenses are accounted as per policy of the company & in 1.Take dump of R & D expense & select a sample
Management expenditure directly attributable to the research & development compliance with accounting standard-26. 2. Verify that R & D expenses are accounted as per AS
research & development expenditure Financial Critical Manual Preventive Ongoing 3. Obtain document that finance team ensures that
are capitalised accounting of R & D expenses is done as per AS

FA.19 Fixed Assets Capitalization Monitoring & reconciliation Cenvat credits for Capital 1. System automatically avail and account 50% Cenvat credit in the year of 1. Observe process of excise posting after GRN creation.
Management of Cenvat credit with goods are not monitored purchase. 2. Check the system control try to manually enter the
financials. (50% in first year and 50% in 2. Balance 50% CENVAT will be availed in the subsequent year. amount for taking multiple availing.
next year. Reconciliation of Non- 3. Obtain Screen shots.
Financial Automated Preventive Ongoing
the same is not done with critical
Financials.

FA.20 Fixed Assets FAR Unauthorized / Changes made to assets 1. Access to modify critical fields such as Depreciation key & depreciation 1. Verified whether all critical field relating to depreciation
Management Maintenance inappropriate changes master data (like useful life, start date in Asset master is given only to Assistant Manger - Accounts. of assets are uneditable at time creation of asset code.
made to the asset assets category, etc.. are not
classification and / or monitored / approved Non-
depreciation rates Operational Automated Preventive Ongoing
critical
resulting in invalid
transactions.

FA.21 Fixed Assets Idle Assets All assets appearing in Fixed Assets lying idle have 1.Each Head of Department informs Idle and obsolete fixed assets to the FC. 1.Obtain the list of asset identified as idle during period
Management fixed asset register are not been identified, and / or 2.Additionally, idle assets also identified during physical verification of Fixed select a sample.
actual physically exist & in provided for in the books Non- Assets once in three year. 2.Obtain E -mail communication received from
used for business purpose. Financial 3. Approval of CFO is taken for sale of assets in books of account. Manual Preventive Ongoing department head to inform details of idle assets.
critical
3.Verify that fixed asset physical verification includes
details of idle assets.
4.Verify that approval of CFO taken for written off.
FA.22 Fixed Assets Capitalization All fixed assets purchased/ Delay in capitalization of 1.CWIP data is captured in monthly MIS and reviewed by VP Finance. 1. Obtain document for monthly review of CWIP for
Management capital work-in progress assets which can result in 2. Assets ready for use are identified and capitalized on a timely basis, upon selected month.
(CWIP. are accurately misrepresentation of financial receipt of adequate supporting documentation from the BU.
recorded to the correct books
account codes in the
appropriate accounting
period in accordance with
Non-
the company's accounting Financial Manual Preventive Monthly
critical
policy and represent fixed
assets actually acquired
by the company
 Control No

Type Nature Type TOD

Nature of
Process Sub process Control Objective Risk of of Entity actual control of Frequency (Pass
Control Test Strategy Documents Examined Reason
Risk Risk Control or
Fail)

FA.23 Fixed Assets FAR Adequate details in Fixed Inadequate details in the 1. Fixed asset register is maintained with details such as 1.Obtain Fixed assets register.
Management Maintenance assets register fixed asset register. 2. Verify that all details of asset are maintained in FAR.
• Description of item.
Non- • Cost center
Financial Manual Preventive Ongoing
critical • Location
• Fixed asset number etc.
• Date of capitalisation
FA.24 Fixed Assets FAR Assets are correctly Classification 1. Asset classification is jointly identified by user and Finance department 1. Check for sample cases whether asset classification as
Management Maintenance classified in fixed assets errors/ Capitalization of 2. At the time of PO approval it is verified by finance department whether the per books matches with classification as per capitalisation
register. incorrect items and incorrect Non- expenditure is for capital or revenue nature certificate
updating in the fixed asset Financial Manual Preventive Ongoing 2. Check whether periodic review is performed to identify
critical
register. incorrect capitalisation of revenue expenditure or
incorrect charging off to revenue of capital item
FA.25 Fixed Assets FAR Assets are correctly Non reconciliation of FAR 1. Annually FAR & GL reconciliation is done by Corporate Accounts. 1.Obtain document for reconciliation for FAR & GL by
Management Maintenance recorded in fixed assets with GL Non- corporate account .
Financial Manual Preventive Yearly
register. critical

FA.26 Fixed Assets Depreciation Depreciation charges are Inaccurate calculation and 1. Depreciation is calculated automatic at the time of Depreciation run on the 1.Check access to create/change depreciation keys.
Management accurately calculated for recording of depreciation basis of depreciation key. 2.Verification of depreciation report after Depreciation
all fixed assets and charges resulting in incorrect 2. Depreciation run is executed by finance on a monthly basis. Run.
recorded to the correct valuation and presentation of 3. Useful life of asset for Depreciation and policies are defined in accordance 3. Verify shift details received from plant & details
account codes in the fixed assets and depreciation with the applicable and relevant laws and regulations. uploaded in SAP.
appropriate accounting balances Financial Critical 4. In case of Machinery runs in shift , quarterly shift confirmation certificate is Automated Detective Monthly
period in accordance with verified by AM Accounts & the same is verified with shift details uploaded in
the company's accounting SAP for depreciation.
policy

FA.27 Fixed Assets Impairment of Fixed assets reflects the No review of impairment 1. Company has process to review impairment of assets at each balance 1. Obtain the documents of the impairment analysis.
Management asset existing business sheet by finance controller & it is carried out in compliance with local 2. Verify that the analysis is reviewed & approved by the
circumstances and legislations and any adjustments required is approved as per approval matrix. Finance Head/Finance Manager.
economic conditions in
accordance with the Financial Critical Manual Preventive Ongoing
accounting policies being
used.

FA.28 Fixed Assets Physical Physical verification of Discrepancies between the 1. Physical Verification of fixed assets is performed by management once in 3 1. Obtain the physical verification documentation for the
Management Verification assets is conducted fixed asset register and years and reconciled to the fixed asset register. year
periodically at all locations actual fixed assets resulting 2. For specific class of assets physical verification is conducted every year 2. Verify that FA and representative from user department
and reconciled to the fixed in incorrect presentation/ 3. Discrepancies identified are investigated, adjustment entries (if needed. are have signed off on the physical verification sheet
asset register. Fixed asset misstatement of fixed asset passed in the books of accounts after obtaining approval as per Schedule of 3. Verify approval for adjustment of discrepancies
balances represent actual balances Financial & Authority. identified during verification.
Critical Manual Detective Yearly
assets over which the Operational
company has complete
ownership

FA.29 Fixed Assets Transfer of Appropriate accounting Inappropriate accounting and 1. Transfer of asset is authorized as per Schedule of Authority. 1.Obtain samples for transfer of Assets.
Management Fixed Assets and recording in the books recording in the books for 2. Transfer to be recorded at net book value. 2.Verify whether Transfer is authorised as per DOA.
Financial & Non-
for transfer of assets. transfer of assets. 3. Accounting for within the company transfer is not recorded as a sale and is Manual Preventive Ongoing 3. Checking of accounting of Transfer of Assets.
Operational critical
disclosed as a transfer.

FA.30 Fixed Assets Assets at third Physical verification of Non monitoring of asset lying 1. Annual confirmation of assets is obtained from the third party location. 1.Obtain list of asset located at third party & select
Management party location assets at third party at third party location 2. Physical verification of the asset at third party location is conducted every sample.
location is conducted resulting in presentation/ Non- year. 2.Verify annual confirmation received from party &
Operational Manual Preventive Yearly
periodically. misstatement of fixed asset critical physical verification audit conducted at third party.
balances

FA.31 Fixed Assets Physical control Assets sent outside Non tracing of asset sent out 1. All assets sent outside business premises for repairing / subcontracting are 1.Obtain the list of asset sent outside business premises
Management over asset business premises are for repairing / subcontracting Non- supported with RGP / Excise invoice (if applicable) & tracked regularly by for repairing / subcontracting.
recorded & tracked Operational finance department. Manual Preventive Ongoing 2.Select one sample & verify that assets sent is supported
critical
properly with RGP/ excise invoice.
3.Document for tracking of assets sent outside business
FA.32 Fixed Assets Sale/Disposal of Sale / disposal of asset/ Fixed assets written off are 1. Proposal for write off / sale for fixed assets is approved as per Schedule of 1. Obtain a
premises bylist of assets
finance sold/ disposed off/ written off
team.
Management Fixed assets write offs are based on not approved Authority. during the year.
adequate approvals from Non- 2. Randomly select a sample of disposal of asset.
Financial Manual Detective Ongoing
the appropriate DOA critical 3. Check whether the sale is approved by authorised
personnel. person as per SOA.
4. Check whether accounting entries is approved by
FA.33 Fixed Assets Sale/Disposal of Proper quotations are Risk of personal profiteering 1. Minimum two quotations are invited for all assets sold and adequate AM/Finance
1. Head.minimum two quotations have been
Check whether
Management Fixed assets invited for sale of if proper quotation are not documentation is maintained for approval in case the quotations with highest called for
discarded asset. invited for sale of discarded price is not selected. 2. Check whether quotation with highest price has been
assets, same may lead to Non- selected
misappropriation if approval Operational Manual Preventive Ongoing
critical
for sale/disposal is not taken
from designated authority.

FA.34 Fixed Assets Sale/Disposal of Fixed assets are Risk of incorrect accounting 1. Profit or loss on disposal is recognized when the contract for sale is 1. Obtain a list of assets sold/ disposed off/ written off
Management Fixed assets appropriately written off & for disposal completed. The SAP updating for the asset so disposed or sold is carried out during the year.
Non-
accounted. Financial in the Fixed Asset Register within 10 days from completion of transaction Manual Preventive Ongoing 2. Randomly select a sample of disposal of asset.
critical
through the SAP asset retirement route. 3. Check whether the sale is approved by authorised
person as per SOA.
FA.35 Fixed Assets Legal Adequate tracking & Land title deed not available 1. Critical records are identified and recorded in a register to ensure proper 4. Checktracker
1.Verify whether accounting
maintained forentries
criticalisrecords
approved by to
relating
Management documents maintenance of legal & with company affecting legal Non- tracking of such documents. Register is periodically updated for changes. AM/Finance
Fixed assets.Head.
Financial Manual Preventive Ongoing
regulatory documents. transferability of land critical
 Control No

Type Nature Type TOD

Nature of
Process Sub process Control Objective Risk of of Entity actual control of Frequency (Pass
Control Test Strategy Documents Examined Reason
Risk Risk Control or
Fail)

FA.36 Fixed Assets Payback review Payback review of each Benefit arising out of CAPEX 1. Payback review of each closed CRN is carried out by the respective 1. Check for sample cases whether semi annual post
Management closed CRN shall be can remained unmeasured Department Head on a half yearly basis until the payback is achieved. payback review is carried out
carried by the respective
Department Head on a half Non-
Operational Manual Detective Ongoing
yearly basis until the critical
payback is achieved

FA.37 Fixed Assets Warranty Warranty of assets tracked Risk of incurring repairs 1. Warranty details are captured in Asset master in SAP and warranty of 1.Screen shot of asset master containing warranty details
Management in register. expenditure on assets under Financial & Non- assets are manually tracked in register. for selected sample.
Manual Preventive Ongoing
warranty Operational critical 2.Obtain copy of register maintained for tracking warranty
of assets.
FA.38 Fixed Assets Insurance / Machinery spares are Cost of Machinery spares in 1. Machinery spares of the nature of insurance spares are capitalized 1. Check whether insurance spares have been identified
Management critical Spares capitalized being of the the nature of insurance separately at the time of their purchase whether procured at the time of at the time of procurement
nature of insurance spares spares is not capitalised & purchase of the fixed asset concerned or subsequently. 2. Check for sample cases whether insurance spares
expensed out Non- 2. The total cost of such insurance spares is allocated on a systematic basis have been capitalised
Financial Manual Preventive Ongoing
critical over a period not exceeding the useful life of the principal item, i.e., the fixed 3. Check for sample cases whether useful life has been
asset to which they relate. correctly defined

FA.39 Fixed Assets Insurance Insurance provider is Insufficient vendor 1. The Letter of Intent is approved as per DOA 1.Obtain Comparative sheet for insurance premium
Management selected based on relevant negotiations may result in Non- 2. The Insurance policies will be recommended by the Head Treasury and 2. Obtain approval by CFO on the insurer selected
market study to ensure unfavorable terms Operational approved by CFO Manual Preventive Ongoing
critical
favorable terms

FA.40 Fixed Assets Insurance Insurance coverage is Inadequate coverage 1. On annual basis, Treasury head determine Re- instatement value of assets 1. Obtain the reinstatement value of the assets.
Management adequate and based on resulting in financial loss Non- & maintain coverage of reinstatement value plus 10% margin to ensure that 2. Check with the Insurance coverage of the assets.
Financial Manual Preventive Ongoing
accurate FAR values critical the insurance policy is adequate.
FA.41 Fixed Assets Insurance All claims are accurately Non timely, Inaccurate 1. In case of damages, the respective BU ensures that monetary claim is 1. Review the total number of claims lodged and settled
Management calculated, properly calculation and recording of lodged with the insurance company in the appropriate period on the basis of with the Insurance Company.
recorded to the correct insurance claims resulting in approved Loss Estimation Report received from the User department.
account codes and lodged incorrect fixed assets and Non- 2. The Final settlement entry is reviewed by the Finance Head along with the
with the insurance related expense balances. Financial underlying documents. Manual Preventive Ongoing
critical
company in a timely
manner