Specifications include, but are not limited to: The description of the service auditor’s tests of operating effectiveness and the results of those tests are also presented in the testing matrices in Section 4, adjacent to RISLA’s description of controls. The description of the tests of operating effectiveness and the results of those tests are the responsibility of the service auditor, and should be considered information provided by the service auditor. The control objectives include: 1) Controls provide reasonable assurance that IT functions are segregated and staff responsibilities are documented and monitored by management. 2) Controls provide reasonable assurance that loan originations are approved and processed according to program guidelines. 3) Controls provide reasonable assurance that access to negotiable instruments is limited to authorized personnel and negotiable instruments processed are reconciled and controlled. 4) Controls provide reasonable assurance that loan disbursements are processed accurately and timely.
