I have a homework about Business process model can u help me!

 

Activity:Audit ConfirmationsShort Description:An Audit Confirmation is a request by a third party auditor for verification of a client’sholdings in a fund for a given quarter.Long Description:The Accounting Department comes to you for help.They have a manual process thatover time has become more complicated due to the number of request being received.Keeping track ofrequest and meeting deadlines has become a challenge. Every so often a missed request ends upbubbling up to Senior Management which creates problems for everyone.The process that the Accounting Team would like to automate is called Audit Confirmations.An AuditConfirmation is a request by a third party auditor for verification of a client’s holdings in a fund at aspecific point in time.Fund managers create funds in which they execute investment strategies. The fund will have a definedset of asset types which it transacts in and holds, will specify the duration of the overall investment andoutline the risk to return objectives.These funds are then marketed in an effort to raise the capitalnecessary to meet investment objectives.The marketing process is called fund raising. The typicalinvestor is a Union, Endowment, Insurance Company, Sovereign Entity, etc.Clients undergo audits of their own to insure that the investments they have claimed on their bookstruly exist.As such the fund manager may receive a request from a third party audit firm requestingconfirmation of the position held in a given fund by the client for a given quarter.It is the fundmanager’s responsibility to then furnish the requested information in the time frame requested.Current Process:Audit confirmation request are received via hard copy mail, fax, and email by eitherClient Relations or Accounting.All received requests are sent to a clerk who is responsible forprocessing the request.Following are the steps involved in processing a request.1)Date stamp the request when received.2)Enter the request into an excel spreadsheet3)Read the request and identifya.Who the response needs to be returned tob.Is a delivery method specified (mail, fax, email)c.Is a due date specifiedd.What fund/s is the request fore.What period / quarter is the request for4)Prepare the confirmation package – which includesa.A cover sheet highlighting client/fund/quarter and a place for the reviewer to sign offb.The original request with requested items/quarter highlightedc.Fund specific report for the quarter requestedd.Supporting documentation5)Submit the completed package for manager review / approval6)Follow up with managers to retrieve packages7)Remove the cover sheet (review for additional instructions from manager)8)Remove supporting documentation

• 1496366911-AuditConfirmsProcessOverview.pdf

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