Latin American Key Financial Controls
Latin America Key Financial Controls Kellogg Company-->Latin America-->Local Markets-->Caribbean Process Transaction Control Objective Risk Control Control Description Test to be Performed Process owner "Purchasing &
Payables
" 01. Contract Negotiation "Contracts or PO's are in place for purchases of raw material, packaging material, and services.
" "No contracts or PO's are in place and excessive amounts are charged by vendors affecting cost or expenses.
" 1.01 Contracts & Master POs (Key) "A contract or PO is established with all vendors and covers a period of time and an amount to be paid. PO's or contracts should be issued for all purchases in accordance to the
Procurement Policy. For MRO´s, contracts are only requested for services and Consignment materials. All exceptions for purchasing procedures are included in the
Procurement Policy. Functions are segregated." "Verify the POs and contracts of selected items and confirm if they where properly authorized.
According to our current policies,
PO's and/or contracts are mandatory for purchases over $500.
" Yaisa Garcia, Rocio Lugo & Ileana Hernandez "Purchasing &
Payables
" 03. Material, Goods and Services Receipt "Ensure that materials and services are correctly paid according to requisition.
" "Incomplete or incorrect services or materials are paid to vendors.
" 3.03 Open POs (Key) "User/warehouse verifies that the amounts and prices in each invoice match with the quantities and prices in the PO.
If the information is correct, they perform the receipt in
SAP.
" "Ask for a list of Purchase Orders.
Take a sample and trace invoice payments and goods reciepts.
SAP print screens of Requisitions,
Purchase Orders and GR were compared with invoices received and payments issued.
" Ileana Hernandez "Purchasing &
Payables
" 03. Material, Goods and Services Receipt "Purchasing and receiving functions are clearly segregated.
" "Receipts are
Payables
" 01. Contract Negotiation "Contracts or PO's are in place for purchases of raw material, packaging material, and services.
" "No contracts or PO's are in place and excessive amounts are charged by vendors affecting cost or expenses.
" 1.01 Contracts & Master POs (Key) "A contract or PO is established with all vendors and covers a period of time and an amount to be paid. PO's or contracts should be issued for all purchases in accordance to the
Procurement Policy. For MRO´s, contracts are only requested for services and Consignment materials. All exceptions for purchasing procedures are included in the
Procurement Policy. Functions are segregated." "Verify the POs and contracts of selected items and confirm if they where properly authorized.
According to our current policies,
PO's and/or contracts are mandatory for purchases over $500.
" Yaisa Garcia, Rocio Lugo & Ileana Hernandez "Purchasing &
Payables
" 03. Material, Goods and Services Receipt "Ensure that materials and services are correctly paid according to requisition.
" "Incomplete or incorrect services or materials are paid to vendors.
" 3.03 Open POs (Key) "User/warehouse verifies that the amounts and prices in each invoice match with the quantities and prices in the PO.
If the information is correct, they perform the receipt in
SAP.
" "Ask for a list of Purchase Orders.
Take a sample and trace invoice payments and goods reciepts.
SAP print screens of Requisitions,
Purchase Orders and GR were compared with invoices received and payments issued.
" Ileana Hernandez "Purchasing &
Payables
" 03. Material, Goods and Services Receipt "Purchasing and receiving functions are clearly segregated.
" "Receipts are