Control Intelligence

Cash Application & Collections

Lockbox processing, cash posting, unapplied cash, and collections.

Sub-Process Score
91/ 100
Strong
11/11 responses received
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Control Objectives (1)

O2C-CA-01
COSO P10COSO P11ICFR.O2C.CA.01IIA IV.9.2
Cash receipts are applied to customer accounts timely and accurately.
Risk: Lapping or misapplication of cash.
Assessment Questions (3)
  • 01Unapplied cash is cleared within 5 business days.
  • 02Cash application staff do not have access to post credit memos.
  • 03Bank-to-AR reconciliation is performed daily.