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Vendor Master Data File Control - Review Background 1. As part of the month end (external) financial reporting close process, the AP Supervisor runs
Vendor Master Data File Control - Review Background 1. As part of the month end (external) financial reporting close process, the AP Supervisor runs a: (a) Vendor Master Data File ADDITIONS Report, and (b) Vendor Master Data File MODIFICATIONS Report. She prints a screen shot of the previous month's last five dated transactions and a screen shot of this month's first five dated transitions. 2. (S)he obtains the Vendor Master Data File Information Packets [Packet] - consisting of a fully executed and approved Vendor Master Data File Form supported by the TIN check, IRS Form W-8/9, and other required support - for additions and modifications that were generated for the month. (S) he places the tickmark by every addition or modification that has a supporting Packet. (S)he places the 0 tickmark by every addition or modification that is not supported by a Packet, indicating it has been selected for further review. 3. (S)he visually scans each report looking for unusual or unfamiliar transactions, inclusive of repetitive entries made to the same vendor; (s)he places the tickmark 0 by each indicating it has been selected for further review. 4. (S) he then judgmentally selects 6 additions and 6 modifications, and randomly selects 6 additions and 7 modifications (a total of 25); (s)he places the tickmark 0 by each indicating it has been selected for further review. 5. Describe here what the AP Supervisor looks for and/or does to each Packet selected to ensure it is valid, accurate, complete, and authorized. [See Linking Financial Statement Assertions reference] ANSWER:
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