4.5.2. Additional Information

How can control mechanisms in the area of finance management be applied in practice? (adapted from Červený, Ficbauer, Ficbauer, Hanzelková, Keřkovský, Novák, Zecha – manuscript, anticipated publication date: 2015)

• Conduct random quarterly assessments of clients and suppliers, checking contract details and whether or not they comply with current business operations as well as checking to ensure that contractual conditions are being upheld

• Randomly select a number of invoices and verify whether or not the terms and conditions of payment have been fulfilled

• Conduct quarterly inventory checks

• Four times a year, verify whether the employee’s authorization rights correlate to their competence

• Annually verify whether suggestions and recommendations made during checks have been implemented

• Ensure that control-related documentation is archived for a five-year period.