Workspace/RCM & Test Plan/Task detail

Procurement Cycle Controls Plan

Vermillion Industries · FY2025 H1Review required
Certification locked — 5 attention areas pending
Resolve all flagged inferences below before you can certify the technical review. 2 high priority · 2 medium · 1 low.
Review now
8 of 8 rows
Process stepRiskControlInherentTest procedureStatusActions
Contract Initiation
R-001
Unauthorised contracts entered into the order management system
Two-tier approval workflow for contract creation; system-enforced credit checks
Type: Preventive
TP-001 · Sample 30 contracts; verify dual approval and credit-check artefacts Reviewed
Performance Obligation ID
R-008
Performance obligations bundled incorrectly, distorting revenue allocation
Contract review checklist applied at deal desk; quarterly accounting review of new contract types
Type: Detective
TP-008 · Reperform allocation for 15 multi-element contracts; reconcile to deal-desk checklist Flagged
Transaction Price Allocation
R-012
Standalone selling prices not refreshed; allocations stale
Annual SSP recalibration; pricing committee sign-off
Type: Detective
TP-012 · Trace SSP inputs to source data; confirm committee minutesPending
Recognition Timing & Cut-off
R-014
Revenue recognised before performance obligation satisfied
System cut-off lock at period close; manager review of journal entries within 3 business days
Type: Preventive
TP-014 · Cut-off testing on transactions ±5 days of period end; review JE evidence Flagged
Variable Consideration
R-019
Discount and rebate estimates exceed constraint, overstating revenue
Monthly review of variable consideration estimates by controllership; constraint applied per policy
Type: Detective
TP-019 · Review estimate file; recompute constraint for 10 customer programmes Reviewed
Credit Notes & Returns
R-022
Credit notes issued without supporting documentation or approval
Threshold-based approval matrix; quarterly trend review of credit notes by segment
Type: Preventive
TP-022 · Sample 25 credit notes; trace to approval evidence and supporting documentationPending
AR Aging & Provisioning
R-028
Inadequate provisioning of doubtful debts under ECL model
Quarterly ECL committee; rebuttable assumptions documented per IFRS 9
Type: Detective
TP-028 · Recompute ECL bucket assumptions; review committee minutes Reviewed
Cash Application
R-031
Unapplied cash distorts AR balance and aging
Daily exception report; T+2 resolution SLA on unapplied receipts
Type: Preventive
TP-031 · Sample 20 unapplied cash items; verify resolution within SLA Reviewed