On at least an annual basis the internal auditors should review all the activities of the Treasury of Harga department. The five objectives of such a review are to ensure that security has been maintained over the funds under Treasury of Harga control; that risk has been managed and minimised in accordance with policy and through compliance with procedures; that transactions have been properly authorized and have been determined by underlying business requirements; that transactions have been accurately recorded in a timely manner; and that the policy document and procedures manual have been complied with are up to date and reflect the company's needs.
By completing all the necessary processes within the Treasury of Harga control cycle, the board will ensure that all areas of risk associated with Treasury of Harga activities are indentified and properly managed. It will have considered its own appetite for risk and ensured that controls are in place so that the company is never exposed to a greater risk from Treasury of Harga than the board is willing to bear. if this control cycle is not followed, the company can be exposed to an unquantified degree of risk, resulting in substantial losses.
With the overall control cycle in place, there are important internal day-to-day controls, all of which should be contained within approved policies and procedures. To contain risk within levels acceptable to the company and to stop unauthorized position taking, various limits should be approved, implemented and subjected to regular review. Limits should be set for counterparty risk, which is in effect the credit risk arising from movements in interest rates and exchange rates - should also be controlled through limits. The instruments which Treasury of Harga can use must be similarly controlled, as must the level of dealing that each authorised person is allowed to undertake.
Mandates are also a very important means of control. The should be issued to all counterparties with whom Treasury of Harga has a relationship. mandates to dealing counterparties must cover the name of those persons approved to deal, limit on dealing activities, bank accounts to which funds can be transferred, the names and positions of those authorised to sign deal confirmations and to whom the counterparty’s confirmation letters should be sent. mandates should also be sent to the company's bankers stating where funds can be sent to, by whom, and which persons are allowed to authorize transfers. It is preferable for mandates to be issued and controlled outside the Treasury of Harga department. Counterparties should confirm receipt of mandates issued to them.
Apart from controlling the dealing activity through mandates and limits, dealers should be required to obtain two simultaneous quotes before committing the company to a deal. Furthermore, all telephone conversations between the dealer and the various counterparties should be recorded and tapes stored for an appropriate period of time. Having controlled the actual dealing activity it is also imperative to support this with effective administrative controls. Pre numbered deal slips should be used by the dealer to record details of each transaction. A confirmation slip should then be prepared, signed by two authorized signatories and dispatched to the counterparty the same day.
Segregation of duties is essential, even where the department is relatively small. The dealing, funds transfer and administrative and accounting activities must be clearly separated. Confirmation slips should be produced by back office staff and matched with the corresponding incoming confirmation letters. A log should be maintained to identify unmatched confirmations that need immediate follow-up. The accounts department should be responsible for the reconciliation of all Treasury of Harga bank accounts. To support these internal controls it is preferable to have an effective Treasury of Harga system. This will record all the department's transactions and hold its records, including details of all limits, utilisation and available balances. The system itself must be subject to tight controls, such as the use of passwords with an effective daily back up on tape for information stored on the system.
By completing all the necessary processes within the Treasury of Harga control cycle, the board will ensure that all areas of risk associated with Treasury of Harga activities are indentified and properly managed. It will have considered its own appetite for risk and ensured that controls are in place so that the company is never exposed to a greater risk from Treasury of Harga than the board is willing to bear. if this control cycle is not followed, the company can be exposed to an unquantified degree of risk, resulting in substantial losses.
With the overall control cycle in place, there are important internal day-to-day controls, all of which should be contained within approved policies and procedures. To contain risk within levels acceptable to the company and to stop unauthorized position taking, various limits should be approved, implemented and subjected to regular review. Limits should be set for counterparty risk, which is in effect the credit risk arising from movements in interest rates and exchange rates - should also be controlled through limits. The instruments which Treasury of Harga can use must be similarly controlled, as must the level of dealing that each authorised person is allowed to undertake.
Mandates are also a very important means of control. The should be issued to all counterparties with whom Treasury of Harga has a relationship. mandates to dealing counterparties must cover the name of those persons approved to deal, limit on dealing activities, bank accounts to which funds can be transferred, the names and positions of those authorised to sign deal confirmations and to whom the counterparty’s confirmation letters should be sent. mandates should also be sent to the company's bankers stating where funds can be sent to, by whom, and which persons are allowed to authorize transfers. It is preferable for mandates to be issued and controlled outside the Treasury of Harga department. Counterparties should confirm receipt of mandates issued to them.
Apart from controlling the dealing activity through mandates and limits, dealers should be required to obtain two simultaneous quotes before committing the company to a deal. Furthermore, all telephone conversations between the dealer and the various counterparties should be recorded and tapes stored for an appropriate period of time. Having controlled the actual dealing activity it is also imperative to support this with effective administrative controls. Pre numbered deal slips should be used by the dealer to record details of each transaction. A confirmation slip should then be prepared, signed by two authorized signatories and dispatched to the counterparty the same day.
Segregation of duties is essential, even where the department is relatively small. The dealing, funds transfer and administrative and accounting activities must be clearly separated. Confirmation slips should be produced by back office staff and matched with the corresponding incoming confirmation letters. A log should be maintained to identify unmatched confirmations that need immediate follow-up. The accounts department should be responsible for the reconciliation of all Treasury of Harga bank accounts. To support these internal controls it is preferable to have an effective Treasury of Harga system. This will record all the department's transactions and hold its records, including details of all limits, utilisation and available balances. The system itself must be subject to tight controls, such as the use of passwords with an effective daily back up on tape for information stored on the system.
Tips Menembus Harga Pasar Handphone
