Significant Class of Transactions Template
Entity: | Vietcombank | | Period ended: | 31/12/2012 |
Significant class of transactions/significant disclosure process name: | Credit origination - Transaction processing | | Significant class of transactions/ significant disclosure process owner: | Credit Policty at HODebt management division Client Division | | We obtain an understanding of the significant classes of transactions (SCOTs) and significant disclosure processes to identify and understand the risks of material misstatement at the assertion level (i.e., what can go wrongs (WCGWs)) and, when applicable, to identify and understand the controls over the WCGWs. This template assists with completing S03 Understand significant classes of transactions and significant disclosure processes. * Significant accounts affected and key business and financial statement risks related to these accounts: * Loan Acc * Interest Acc * Provision Acc * Expense Acc * Receivable Acc | Relevant assertions: * Valuation * Completeness * Right and Obligation * Presentation and Disclosure * Existence | Nature of the SCOT (routine, non-routine, estimation): * Routine | Starting point (initiation) and timing of initiation and recording of the SCOT or significant disclosure process: * Customer’s application | Specific circumstances affecting the form and extent of the documentation: * None | Name of the IT application that supports the SCOT * |
Inputs/outputs of the critical path of significant class of transactions/significant disclosure process | Inputs/outputs of the supporting IT application | Inputs: * | Inputs: * | Outputs: * | Outputs: * |
Critical path (initiating, recording, processing, reporting, correcting incorrect information)
We obtain an understanding of the SCOTs and the significant disclosure processes by obtaining an understanding of their critical path. The critical path includes:
Significant class of transactions/significant disclosure process name: | Credit origination - Transaction processing | | Significant class of transactions/ significant disclosure process owner: | Credit Policty at HODebt management division Client Division | | We obtain an understanding of the significant classes of transactions (SCOTs) and significant disclosure processes to identify and understand the risks of material misstatement at the assertion level (i.e., what can go wrongs (WCGWs)) and, when applicable, to identify and understand the controls over the WCGWs. This template assists with completing S03 Understand significant classes of transactions and significant disclosure processes. * Significant accounts affected and key business and financial statement risks related to these accounts: * Loan Acc * Interest Acc * Provision Acc * Expense Acc * Receivable Acc | Relevant assertions: * Valuation * Completeness * Right and Obligation * Presentation and Disclosure * Existence | Nature of the SCOT (routine, non-routine, estimation): * Routine | Starting point (initiation) and timing of initiation and recording of the SCOT or significant disclosure process: * Customer’s application | Specific circumstances affecting the form and extent of the documentation: * None | Name of the IT application that supports the SCOT * |
Inputs/outputs of the critical path of significant class of transactions/significant disclosure process | Inputs/outputs of the supporting IT application | Inputs: * | Inputs: * | Outputs: * | Outputs: * |
Critical path (initiating, recording, processing, reporting, correcting incorrect information)
We obtain an understanding of the SCOTs and the significant disclosure processes by obtaining an understanding of their critical path. The critical path includes: