Assess the effectiveness of internal controls within your bank's treasury cycle with the comprehensive framework in this audit program. It is designed to guide auditors through an evaluation of management control structures and business process controls at the transaction cycle level, focusing on financial reporting reliability. The tool outlines specific control objectives such as authorization, completeness and accuracy, substantiation of balances, and access to assets, each accompanied by targeted questions that probe into the presence and efficacy of process and monitoring controls.

Auditors can anticipate detailed procedures for validating these controls through verification of documented policies, periodic reconciliations, supervisory reviews, system access limitations and physical count confirmations. Through its structured approach, this audit program helps auditors identify risks presenting threats to key business objectives, including operational effectiveness and compliance with laws and regulations. 

Sample assessment questions include:

• Does cycle management have access to information gathered by the organization on changing conditions and trends affecting the department?
• Have the business processes within the cycle been aligned with the cycle objectives and strategies?
• Does cycle management continuously improve business processes for identifying and reacting to changing circumstances in accordance with organizational policies?
• Are key cycle business activities dependent on the integrity and availability of computer processing?