S. No. Control Objective Risk Definition
Expense Provision To ensure that adequate provision of expense are made & approved by authorised person Adequate provision amount may not be taken for all expense on monthly basis
  Input may not be taken from all concerned process owners responsible for expenses
To ensure that methodology used for provision of expense is systematic & adequate Provision taken for link charges & software license may not be systematic & adequate
  Provision taken for Legal & Professional expense may not be systematic & adequate
  Provision taken for Conveyance & Staff recruitment expense may not be systematic & adequate
  Provision taken for Repairs & Maintenance expense may not be systematic & adequate
  Provision taken for diesel of genset may not be systematic & adequate
  Provision taken for business promotion & training exp. may not be systematic & adequate
  TDS may not be deducted on provision taken for expense resulting in to disallowance of expense under income tax act
  Provision for expense denominated in Foreign Currency may not be passed in foreign currency resulting in to non-accounting of foreign currency re-statement 
Travel Provision To ensure that adequate travel provisions are made & approved by authorised person Adequate travel provision may not be taken for travel claim not yet settled
  SAP Trips may not be made for all travels pertaining to current month before monthly close
  SAP trips may be created or remain opened
  Rate used for provision may not be as per Travel Policy
  Period considered for provision may not be correct
Payroll Provision To ensure that adequate payroll provisions are made & approved by authorised person Adequate provision may not be made for Special Vision Bonus & Performance Bonus
  Adequate provision may not be made for liability of Leave Encashment
  Adequate provision may not be made for Outstanding Gratuity
  Adequate provision may not be made for outstanding Flexi-payment & LTA
  Adequate provision may not be made for salary revision due but not yet revised
  Adequate provision may not be taken for new joinee hired after payroll period close on monthly basis
  Adequate provision may not be taken for amount not recoverable from separated employees
Deferred Tax Asset To ensure deferred tax asset recognized is correct All timing differences which will be reversed after exemption period may not be considered for deferred tax asset
Bank reconciliation Process To ensure that periodic bank reconciliation are carried out Outstanding entries may not be reviewed & corrective action may not be taken based on reconciliation
  Bank reconciliation may not be prepared for all the existing banks a/c
Group Company reconciliation Process To ensure that periodic reconciliation between group companies are carried out Inter-group company transactions may not be captured for identification
  Reconciliation may not be made for all the group companies
  Outstanding entries may not be reviewed & corrective action may not be taken based on reconciliation
Forex Re-statement Process To ensure that adequate Forex-restatement process exist GL being re-stated may not be complete resulting into under / over booking of Forex gain / loss at the month end
  Rates used for re-statement may not be correct resulting into booking & settlement of forex transaction at incorrect rates & incorrect forex loss & gain
Consolidation Process To ensure that appropriate & adequate consolidation of financial statement is carried out Period may not be closed on timely basis prior to consolidation
  Correct consolidation may not be carried out