Question

What are the necessary controls in order to keep the vendor file valid?

Answer 1

• Controls required ar the masters level:

1.	Only valid changes are made to the vendor master file
2.	All valid changes are properly input and processed.
3.	Changes to vendor master file are accurate.
4.	Changes to vendor master file are processed in a timely manner.

• Controls required at transactions level:

1.	Purchase orders are placed only with approved requisitions.
2.	Purchase orders are accurately entered.
3.	Amounts posted to vendor payable should represent goodsorservices received.
4.	The above amounts are accurately calculated and recorded
5.	System access to process transactions are restricted only to authorized users.