Scenario: Control Environment

Background

Square operates in a data-heavy environment with extremely large transaction volumes, multiple entities, currencies, jurisdictions and other complicating factors. We operate and integrate with a number of different financial partners both domestically and internationally. We are subject to review and oversight by regulators and informally in many of the locations in which we operate, and we expect regulatory requirements to increase significantly over time.

Prompt

Given the context above, select an area which you perceive as a key risk to Square's payment processing accounting and describe an example control framework / examples of control activities, which you expect to be in place for a specific area of focus. In your evaluation, you may address entity level, IT General and application controls; however please focus your analysis on business process controls.