Cash Applications Observations Memo

This sample memo presents a high-level observation of the review and testing of manual and system controls present in a company’s cash applications process. It discusses change notifications, analysis impact documentation, and actions and responses.

Memo sections include background information, executive summary (including objectives and approach and key findings), and observations and recommendations (including an action plan and management response). One recommendation is to ensure that Treasury assigns each cash processor a unique logon, password and certificate and provides a link to the company’s imaging website to change the password and download the certificate.