Who may commit the company's money.
WHAT BANKS REQUIRE
A resolution appointing signatories and setting mandates Identification of directors and beneficial owners Constitutional documents Evidence of registration
WHAT A MANDATE ESTABLISHES
Who may operate the account and on what terms.
WHAT TO ESTABLISH
Whether transactions require one signature or more.
WHY MORE THAN ONE MATTERS
It is the basic control against misappropriation, and it protects the signatories.
WHAT TO SET
Thresholds: below which one signatory suffices, above which more are required.
WHAT TO UPDATE IMMEDIATELY
Mandates, when anyone leaves.
WHY IMMEDIATELY
A former officer with access is an open exposure.
WHAT TO ESTABLISH ABOUT ELECTRONIC ACCESS
Who holds credentials What limits apply Whether approvals are required
WHY
Electronic banking frequently bypasses the controls the paper mandate established.
WHAT TO REVIEW
Whether electronic authorities match the intended mandate.
WHAT TO ESTABLISH ABOUT COMPANY CARDS
Who holds them What limits apply What they may be used for How expenditure is evidenced
WHAT TO SEPARATE
Whoever initiates payments from whoever approves them.
WHY
It is the fundamental control.
WHAT TO REVIEW
Bank statements, by a director, regularly.
WHY BY A DIRECTOR
Reviewing only what the bookkeeper presents is not a control.
WHAT TO WATCH FOR
Payments to unrecognised parties Changes to beneficiary details Round-sum transfers
