Para 3.22.64 — MSO (Audit)
Original Rule Text
3.22.64 Computerised financial systems should maintain a log of the transactions processed. The transaction log, which may be referred to as the audit trail file, should contain sufficient information to identify the source of each transaction. In batch processing environments, errors detected during processing should be brought to the attention of users. Rejected batches should be logged and referred back to the originator. On-line systems should incorporate controls to monitor and report on unprocessed or uncleared transactions, such as part paid invoices. There should be procedures that permit identification and review of all uncleared transactions of a certain specified vintage.
# Output Controls
What This Means
Computerised financial systems must maintain a transaction log (audit trail file) containing enough information to trace each transaction back to its source. In batch processing, errors should be reported to users and rejected batches logged and sent back to originators. In online systems, controls must monitor and report unprocessed or uncleared transactions — such as partially paid invoices — and procedures must exist to identify and review all transactions that have remained uncleared beyond a specified time period.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1A transaction log (audit trail file) must be maintained for all processed transactions
- 2The log must contain sufficient information to trace each transaction to its source
- 3In batch processing, errors must be reported and rejected batches returned to originators
- 4Online systems must monitor and report unprocessed or uncleared transactions
- 5Procedures must exist to review all transactions uncleared beyond a specified vintage
Practical Example
A government e-payment system processes vendor bills online. Every transaction is logged with the bill number, vendor code, amount, budget head, the clerk who entered it, the approver, timestamp, and processing status. When a bill payment fails due to incorrect bank details, the system logs the rejection and generates a report for the accounts section. Additionally, the system flags any bills that have been partially processed (e.g., sanctioned but not yet paid) for more than 30 days, creating a pending items report that the accounts officer reviews weekly to prevent long-outstanding uncleared transactions.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What is the purpose of a transaction log or audit trail file?▼
Why must uncleared transactions be monitored and reviewed?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.