What are the verification and reconciliation requirements for electronic data?
All electronic data you provide will be verified by the auditor for completeness. An audit trail must exist to reconcile the data to the books and records, therefore it is imperative that you reconcile the data yourself before you provide it to the auditor. In addition, you are required to provide the following with each download: • Total for each numeric field in data. • Total number of transactions for each file provided. • Unique record identifier used to summarize related transactions for sample selection (for example.: invoice number or combination of vendor number & invoice number, etc.). • First and last dates in data. • Date field to be used in sampling. These check figures provide comparison tools which are necessary for the following reasons: • They assist in verification that the data is not corrupted. • Both you and the auditor can agree to the initial population totals prior to testing. • Which, in turn, prevents either you or the auditor from discrediting the test due to
