Minimal Internal Control Standards

Identify if DUAL CONTROL or JOINT CUSTODY will apply:

CIV

• Dual Control

• Joint Custody

Identify if DUAL CONTROL or JOINT CUSTODY will apply:

ACCOUNT OPENING

• Dual Control

• Joint Custody

Identify if DUAL CONTROL or JOINT CUSTODY will apply:

ACCOUNTABLE FORMS

• Dual Control

• Joint Custody

Identify if DUAL CONTROL or JOINT CUSTODY will apply:

CUSTOMER RECORDS / DOCUMENTS

• Dual Control

• Joint Custody

Identify if DUAL CONTROL or JOINT CUSTODY will apply:

TRANSACTIONS BEYOND CSA'S LIMIT

• Dual Control

• Joint Custody

Post-review of Branch's transactions by CBRCD is an application of what internal control standards.

• Dual Control

• Division of Duties and Responsibilities

• Independent Balancing

The BSCO and the Teller are the current CIV custodians. BSCO performs surprise count of CIV as the Branch Head is on leave. Is the Branch compliant with Independent Balancing?

• Yes

• No

Answer explanation

Surprise count should be performed by an Officer other than the current custodian.

Inventory control of accountable forms through the assignment of serial numbers is an application of what internal control standards?

• Joint Custody

• Number Control

A client is giving instructions to the Branch not to send him any correspondence / mail about his account with the Bank. Can he be exempted from Audit Confirmation Letters?

• Yes

• No

Answer explanation

Explain to the client that this is one way of providing security to his account by validating his transactions and balance with the Bank.

Teller 1 maintains a deposit account in his own branch. He made a deposit to his account amounting to Php 5,000. Teller 2 posted his transaction. Is there a policy violation here?

• Yes

• None