1. Managing & Monitoring Activity With Supervisory Internal Controls
Beth Yates
Customer Success Team Lead,
Team 2

2. Purpose
The purpose of this class is to circumvent irresponsible and/or fraudulent behavior through the use of WolfePak’s security features. This class will also go over tools to help management review company activity.

3. What is fraud? ACFE definition of fraud:
“the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the organization's resources or assets.” ~

4. Internal Controls How can I prevent fraud? Good hiring procedures
Set the Tone at the Top
Educate Employees on Red Flags
Conduct audits on a regular basis
AND……..the biggest fraud prevention practice of all……
Internal Controls

5. Establish Internal Controls
Access Controls
Separation of Duties
Treasury Controls
Approvals
Documentation
Review of financial statements

6. How can WolfePak Help Me Establish Internal Controls?
Access Controls
Company Passwords
Posting Allowed Date Range
User Level Passwords
User Level Security-Set it and Enable it!!!

7. Separation of Duties
Separate the data entry and the check writing function
Separate the cycle functions from the check writing function
Initiate this through User Level Security by user/by company
Limit access to manual entries-these should be minimal at most!
Small Organization? Not enough employees for an extensive separation of Duties? Separate duties as much as possible.

8. Institute Approvals and Scan Docs
GL Approvals
Check Writing Approvals and Approver Maintenance
AP Approvals (comes with Scanning)
Use Purchase Orders-Purchase Order Module/AP module/Invoicing module

9. Treasury Controls
Who can write checks? Initiate who has access to check writing-User Level Security
Approval Maintenance Grid-Set dollar limits for the check writing modules and for Quick Checks
Using a signature file? Set the dollar limits the signature is allowed on. Set the password

10. Documentation Scan, Scan, Scan those docs WolfePak Scanning is
Invoices, Receipts for everything, Material requests, Expense Reimbursement Reports, Internal Docs
WolfePak Scanning is
EVERYWHERE!!!!

11. Financial Statement Review
Trend it out-are there big increases in expenses? Why?
Review the Trial Balance
Review the Journal Listing-it has Created Information! So does the Sub-Account Listing (F12).
Drill down to those entries-View those docs
Use the Income Statement Vertical Analysis. What do you see?
Set up the Budget. Run the Budget Report! Where do you stand?

12. Audit Trail
Audit Report of Changes
Sub-Account View Change History

13. Positive Pay Files
Create the file when checks are written-Get it to the bank
WolfePak has 59 Positive Pay Formats
Let WolfePak program one for your bank-it’s a small fee for the security of your cash accounts!

14. What About Tax ID’s and Bank Information?
Map out who can view owner Tax ID Numbers and Bank Information.
Full Access-Can see or change
View Only- Can see but cannot change
View Last Four-Can only see the last four of the Tax ID
View Presence-Can see that there is a Tax ID but not the number

15. Conclusion
WolfePak has many fraud prevention avenues to suit your company needs and policies.
Institute best practices across the board.
Decide how much risk you’re company feels is acceptable.
Take time to review reports-deterrence can stop fraud!!

16. Questions