Internal Review of Treasury Controls to Highlight Potential Red Flags Beth Yates Customer Success Team Lead, Team 2

Purpose The purpose of this class is to highlight the treasury control features available in WolfePak and how they aid in managing risk while providing an added level of security and assurance to all companies.

Treasury Controls-What Are They? Treasury controls involve the collection, handling, and usage of cash in regards to the company’s overall liquidity and going concern. Treasury controls work to mitigate risk. ~https://info.knowledgeleader.com/cash-and-treasury- management

Treasury Controls Who can write checks? Initiate who has access to check writing-User Level Security Approval Maintenance Grid-Set dollar limits for the check writing modules and for Quick Checks Using a signature file? Set the dollar limits the signature is allowed on. Set the password

Internal Approvals GL Approvals Check Writing Approvals and Approver Maintenance AP Approvals (comes with Scanning) Use Purchase Orders-Purchase Order Module/AP module

Alerts Developed for Management Emails specific users regarding specific changes Account Balance-falling below or exceeding a predetermined level ACH Bank Change Deposit Post/Unpost

Security Breaches Physical Access Breaches IT monitoring, physical security, and location of server Check often and be thorough Passwords Firewall and Antivirus-protect your files/guard against hackers BACKUP! BACKUP! BACKUP! Authenticate the users-safeguard logins and passwords See who’s logged in

Internal Security Breaches Management Dashboard Change Log Change Log Statistics Audit Report of Change Check Approver Audit Report

Change Log Change Log Review changes made-See who made them Unposting Changes –What? Who? What was added? What was deleted? Restores? Don’t forget the Sub-Account Change Log!!!

Change Log Statistics Changes by table/date/file name Number of Changes Number of Deletions Totals for the file and percentages

Audit Report of Changes Reports multiple changes by date range Run it often! Review it thoroughly!! Look for Red Flags in Sub-Accounts, counter checks, security changes, paycheck changes,…..and many more

Check Approver Audit Report Lets you know who approved checks by bank code Print a listing of checks that had no approver Look for and check gaps in check numbers

Positive Pay Files Create the file when checks are written-Get it to the bank WolfePak has 59 Positive Pay Formats Let WolfePak program one for your bank-it’s a small fee for the security of your cash accounts!

What About Tax ID’s and Bank Information? Map out who can view owner Tax ID Numbers and Bank Information. Full Access-Can see or change View Only- Can see but cannot change View Last Four-Can only see the last four of the Tax ID View Presence-Can see that there is a Tax ID but not the number

Conclusion Make treasury and internal controls a priority Plan the controls. Map them out. Carve out time on a regular basis to review

Questions