IT Audit Report on Effectiveness of controls in Public Expenditure Management System Department of Public Accounts, Ministry of Finance Recommendation Comprehensive ICT security policy should be developed Action taken (as per the detailed action plan/report submitted).. Timeline: A desk review of IT Audit on effectiveness of Controls in Public Expenditure Management System Page 1 Exhibit-E 3 Department should institute mechanism to ensure completeness and correctness of financial statements Many account heads included in the annual financial statements contain errors and inconsistencies, which would undermine the very purpose of financial reporting.. Information on the progress of implementation, if any were not available a) Segregate this process from those preparing the accounts – implementing maker and checker concept in larger Timeline: organizations b) Minimize manual intervention by automating some features such as directly importing bank statements into PEMS and A desk review of IT Audit on effectiveness of Controls in Public Expenditure Management System Page 2 Exhibit-E c) Bank Reconciliations should be independently verified by supervisors.. Refund of earnest Money/security deposits A desk review of IT Audit on effectiveness of Controls in Public Expenditure Management System Page 3 Exhibit-E (EMD/SD) without obtaining RD release: Controls /validations have been implemented in PEMS but DPA proposed to further review and monitor.. Not Implemented DPA justified that it is the responsibility of the budgetary Timeline: Action Plan: Although organizations are facing challenges in implementing segregation of duties because of additional overhead cost and A desk review of IT Audit on effectiveness of Controls in Public Expenditure Management System Page 5 Exhibit-E complicated IT systems, it is very essential to separate financial functions amongst individuals so as to
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