DOCUMENT 5

AUDITING TRIGGER

PRE-RELEASE TRIGGER – PASSYS SYSTEM

STEP 1 – KNOWLEDGE/RESEARCH
(Theory/Research gathered – What is the purpose of having this system (e.g., salaries and wages system)? What are the risks
around and in this system? What controls would you expect to see in this system?
Consider both your General Controls and Automated Controls – Link to assertions!

What is the purpose of having a PASSBY system?

In the airline industry, a robust revenue system is crucial for several reasons:
1. Accurate Financial Reporting: A dedicated revenue system ensures accurate and transparent financial reporting. It
allows the airline to track and record revenue from various sources, facilitating precise financial statements and
compliance with accounting standards.
2. Revenue Recognition: Airlines have complex revenue recognition processes, including ticket sales, ancillary services,
and loyalty programs. A specialized revenue system helps automate and streamline these processes, reducing errors
and ensuring compliance with accounting principles.
3. Forecasting and Planning: A revenue system provides valuable data for forecasting and planning. Airlines can analyze
historical revenue patterns, identify trends, and make informed decisions about pricing, capacity, and route planning to
optimize profitability.
4. Inventory Management: Effective revenue management in the airline industry involves managing seat inventory, pricing,
and promotions dynamically. A dedicated system helps optimize seat availability, pricing strategies, and maximize
overall revenue.
5. Customer Relationship Management (CRM): A revenue system often integrates with CRM systems to track customer
preferences, behaviors, and purchase history. This information is valuable for targeted marketing efforts and enhancing
the overall customer experience.
6. Fraud Prevention: Airlines are susceptible to fraudulent activities, such as ticket fraud or loyalty program abuse. A
revenue system with robust security features helps detect and prevent fraudulent transactions, protecting the airline's
revenue streams.
7. Operational Efficiency: Automation of revenue-related processes increases operational efficiency. This includes
ticketing, invoicing, and reconciliation, allowing airline staff to focus on strategic activities rather than manual, time-
consuming tasks.
8. Compliance with Regulations: The airline industry is subject to various regulations and standards. A dedicated revenue
system helps ensure compliance with industry-specific regulations and accounting standards, avoiding legal and
 financial implications.
9. Adaptability to Market Changes: The aviation industry is dynamic, with fluctuating demand, fuel prices, and competitive
landscapes. A flexible revenue system allows airlines to adapt quickly to market changes, optimize pricing strategies,
and stay competitive.
10. Data Analytics: Revenue systems generate a wealth of data that can be leveraged for analytics. Airlines can use this
data to gain insights into customer behavior, market trends, and the effectiveness of pricing strategies, enabling data-
driven decision-making.

What risks will you find in the revenue system?

What controls does the system have?

STEP 2 – UNDERSTANDING THE ISSUE

(Context – Industry (Ideal system in the industry)
(Context – Case Study (ideal system for the company)

This cloud-based system incorporates a reservation system, customer relationship management, travel agent management, a full
e-commerce website, fares management software.

On-Time Airline – In the context of the case study:

1. Reservation System (Linked to revenue)

Reservation Process Risks

Flight reservation System is a computerized system used to Technical glitches

store and retrieve information and conduct transactions related One of the main challenges of using online reservation
to air travel. platforms is dealing with technical glitches that can affect
the functionality, security, and reliability of the system.
This software has two parts. First is the user part and the Technical glitches can cause errors, delays, overbooking,
administrator part. User part is used as a front end and or data breaches that can harm the reputation and
administrator is the back end. Administrator is used by Flight revenue of the business.
authority. (Restricted Access – User do not have access to the
administration side) Failure to meet the Customer expectations.
Another challenge of using online reservation platforms is
It will allow the customers to access the database and allow new meeting the high expectations of customers who demand
customers to sign up for online access. (The system will ask the convenience, speed, accuracy, and personalization.
user to create an account with a unique username and Customers expect the platform to be user-friendly,
password) responsive, and secure, and to provide them with relevant
information, options, and incentives. They also expect the
The system allows the Flight passenger to search for flights that platform to reflect the availability and quality of the service
are available between the two travel cities, namely the or product they are booking.
"Departure city" and "Arrival city" for particular departure and
arrival dates. (The software vendor offers regular updates,
maintenance, and back-up) Legal and ethical compliance
A third challenge of using online reservation platforms is
The system displays all the flight's details such as flight no, complying with the legal and ethical regulations and
name, price, and duration of journey etc. (The prices and standards that apply to the industry and the market. Online
availability of seats are updated regularly by the software vendor reservation platforms need to respect the privacy and
and On-Time IT Manager) security of customer data, the intellectual property and
copyright of content, and the consumer rights and
After search the system display list of available flights and protection of transactions.
allows customer to choose a particular flight. Then the system (To ensure legal and ethical compliance, it is necessary to
checks for the availability of seats on the flight. If the seats are consult with experts and lawyers, and to follow the best
available, then the system allows the passenger to book a seat. practices and guidelines of the industry and the platform
Otherwise, it asks the user to choose another flight. (Systems provider. It is also advisable to review and update the
performs edit checks – flight being books and the seats terms and conditions, policies, and contracts regularly.)
available from the system = if the seats are not available, the
customer will not be able to continue with the bookings)
Competitive pressure
To book a flight the system asks the customer to enter his Online reservation platforms can make it easier for
details such as name, address, city, state, credit card number customers to compare and switch between different
and contact number. (Screen dialogue and prompt & Mandatory providers, and to influence and be influenced by the
fields – customer will not be able to continue if all the fields are reviews and ratings of other customers.
not completed) (To cope with competitive pressure, it is important to
Then it checks the validity of the card, books the flight and monitor and analyze the market trends, customer behavior,
updates the Flight database and user database. (Limit checks – and competitor strategies, and to adapt and innovate
the check detects whether the ID number provided has a accordingly.)
maximum of 13 numbers)

Human Factor
The system also allows the customer to cancel his/her A fifth challenge of using online reservation platforms is
reservation if any problem occurs. (Cancellations are approved balancing the human factor with the technological factor.
by the Senior Accountant and a text is sent back to the customer Online reservation platforms can reduce the need for
acknowledging the cancellation) human intervention and interaction, but they cannot
replace it completely. Human factor is still important for
Over and above the system, On-Time offer customer service providing customer service, managing complaints,
and support through multiple channels, such as phone, email, handling special requests, and building relationships.
chat, or social media. (System allows the customers to request Online reservation platforms can also affect the motivation,
to be called back by On-Time) satisfaction, and performance of the staff, who may feel
threatened, overwhelmed, or neglected by the technology.
(To balance the human factor, it is important to train and
empower the staff to use the platform effectively and
efficiently, and to communicate and collaborate with the
customers and the platform provider.)

2. Customer Relationship Management System

Process Risks

Passenger Profiles: Data Security and Privacy Concerns:

Collect and store comprehensive passenger information,  Risk: The collection and storage of
including travel history, preferences, and contact details. sensitive customer data pose security and
privacy risks. Unauthorized access, data
Booking and Reservation System: breaches, or misuse of personal
Integrate a user-friendly booking and reservation system that information can harm the airline's
allows customers to easily book flights, select seats, and reputation and lead to legal consequences.
manage reservations.  Mitigation: Implement robust data
encryption, secure access controls, and
Customer Segmentation: compliance with data protection
Implement segmentation based on factors such as travel regulations. Regular security audits and
frequency, loyalty status, and preferences to tailor marketing employee training on data protection are
and service offerings. crucial.

Communication Channels: Integration Challenges:

Offer multi-channel communication options, including email,  Risk: Integrating the CRM system with
SMS, and mobile app notifications, to keep passengers existing IT infrastructure, booking systems,
informed about flights, promotions, and updates. and other operational platforms may pose
challenges. Incompatibility issues can lead
Loyalty Program Integration: to disruptions and data inconsistencies.
Integrate a robust loyalty program that rewards frequent flyers  Mitigation: Conduct thorough compatibility
with points, discounts, and exclusive privileges to encourage assessments, invest in API-based
customer retention. integrations, and work closely with IT
Feedback and Surveys: professionals to ensure a smooth
integration process.
Implement feedback mechanisms, such as post-flight
surveys, to gather customer insights and continuously Customer Resistance to Data Sharing:
improve services based on passenger feedback.  Risk: Customers may be reluctant to share
personal information, leading to incomplete
Personalized Marketing: or inaccurate customer profiles. Limited
Leverage customer data to create personalized marketing data can hinder the effectiveness of the
campaigns, offering tailored promotions, discounts, and travel CRM system.
packages.  Mitigation: Clearly communicate the value
proposition of data sharing, ensure
Social Media Integration: transparency in data usage policies, and
Monitor and engage with customers on social media incentivize customers through loyalty
platforms. Integrate social media channels into the CRM programs or personalized benefits.
system to manage customer interactions seamlessly.
Inaccurate Data and Data Decay:
Customer Support Ticketing:  Risk: Over time, customer data may
Implement a ticketing system for efficient handling of become outdated or inaccurate. Incorrect
customer inquiries, complaints, and support requests, information can lead to misguided
ensuring timely resolution. marketing efforts and a diminished
understanding of customer preferences.
Data Security and Compliance:  Mitigation: Implement data validation
Prioritize data security and compliance with data protection processes, regularly update customer
regulations to ensure the confidentiality and privacy of profiles, and encourage customers to
customer information. provide updated information through
surveys or account management tools.
Mobile App Integration:
Develop a feature-rich mobile app that allows passengers to Employee Resistance and Training:
manage bookings, check flight status, and receive real-time  Risk: Employees may resist adopting new
updates. CRM tools due to unfamiliarity, leading to
underutilization and potential errors in
Predictive Analytics: customer interactions.
Utilize predictive analytics to anticipate customer preferences,  Mitigation: Provide comprehensive training
optimize pricing strategies, and enhance overall decision- programs for employees, emphasize the
making. benefits of the CRM system, and address
any concerns or misconceptions. Foster a
culture that values continuous learning and
adaptation.

Over-Reliance on Technology:
 Risk: Over-reliance on the CRM system
without human judgment may lead to
misinterpretation of customer needs and
missed opportunities for personalized
interactions.
 Mitigation: Balance technology with human
judgment, encourage regular feedback
from customer-facing staff, and use the
CRM system as a tool to enhance, not
replace, human interactions.

Cost Overruns and Budget Constraints:

 Risk: Initial implementation costs, ongoing
 maintenance, and potential customization
needs may lead to budget overruns.
 Mitigation: Conduct a thorough cost-benefit
analysis before implementation, create a
realistic budget with contingency
provisions, and regularly assess ongoing
costs against expected benefits.

Regulatory Changes:
 Risk: Changes in data protection laws or
aviation regulations may require
adjustments to the CRM system to ensure
compliance.
 Mitigation: Stay informed about regulatory
changes, maintain a flexible system that
can adapt to evolving requirements, and
work closely with legal experts to ensure
compliance.

3. Travel Agent Management System

Process Risks

The user is requested to sign-up/register using the system Users changing their credit card details to avoid securing a
(Name, Last Name, Position, E-mail address, contact details, book on a later stage – Where the user is given an option to
Company name (if booking on behalf of the company), Sale provide their credit card details and pay later, users can
of travel service (indicate if you are a travelling agent), change their credit card details to avoid making a payment
Company details (ID number, legal entity name, city and followed by a late cancellation. The hotels might blame On-
address) Time and assume there was an error when bookings were
made.

If the customer leaves the system, there is pop-up

questionnaire and customers are required to indicate why Hotels not being fully transparent with the prices charged,
they are leaving the site. (Is it technical issues or you are not only to include additional charges at the later stage. This
satisfied?) places On-Time reputation at risk.

Registered users are required to login-in every time they want

to make bookings.

The system allows the users to perform a demo-search

(Users are required to select the following – Destination,
Check-in, Check-out, how many guests – adult and kids
selection)

The system will display different hotels with the packages.

If the user is interest, the system allows the user to reserve
and will be directed to the specific hotel they want to book-in.
Rooms that are available will be listed together with what is
included in the package. If the user makes reservation, his
credit card details will be required to secure a booking.

Credit Card details – Credit card number, CVV, dates on the

card -> one-time pin is sent to the user for verification. The
system directs the user to the banking app to approve the
payment.

4. E-commerce Website (Linked to Revenue)

Process Risks

E-commerce websites allow consumers and businesses to buy Data Privacy and Online Security Risks
and sell to one another on a designated platform. The main Hackers are becoming more and more sophisticated every
difference between e-commerce and physical commerce, day. It’s easier for malicious actors to find their way into
however, is that e-commerce transactions occur entirely over the your systems from the inside, obtaining employee
internet. credentials through phishing, or by deploying malware and
ransomware in fraudulent links in emails. This risk might
lead to reputational damage could cost you even more.
(Establish and enforce a strong data privacy and online
security policy, train your staff, and incentivize them to
become data security champions. Implement protocols
like two-factor authentication (2FA) to add an extra layer of
accountability)

Unauthorised Access
Unauthorized access accounts for a significant amount of
data loss.
Restrict access.
For each order, your site will need to:  Employees should only be able to access files
 Record customer information (name, address, etc.) they need. For example, your content creators do
(The system performs mandatory fields checks, edit not need access to your back-end code.
checks – customers are required to register)  Implement two-factor authentication (2FA). 2FA
 Collect customers’ acceptance of your terms of service gives you an added layer of accountability and
 Calculate any applicable taxes (Masterfile is regularly prevents people from using login credentials that
updated with the latest tax rates that pulls through to do not belong to them.
the site)  Change passwords regularly. Enforce password
 Apply coupons or discounts updates across your network to mitigate
 Generate order and tracking numbers unauthorized access.
 Share delivery details
  Process billing information Human Error
 Provide access to a payment gateway
We’ve all deleted a file or “lost” a folder at one point or
another. Human error is still the most common cause of
There should be a seamless transition from your website to a data loss and most of the time, it’s just an innocent
payment gateway. Typically, payment gateways allow customers mistake.
to: (Deploy a backup and recovery solution like
 Select a payment option Rewind. Rewind online backups allow you to restore and
 Provide details such as credit card numbers and CVVs recover quickly after an error, minimizing downtime and
 Use multi-step authentication for secure payments helping you get back to work faster.)
(Applications control: Edit Checks, Mandatory Field)

Non-Compliance
Handle shipping and logistics The regulatory framework for data privacy and protection
Once your site has handled the order and payment process for a is stringent—and comes with massive financial penalties
customer, the next step is delivery.(Email the passenger his/her
for non-compliance. The risks are manifold here, as
ticket)
outlined in HIPAA, the GDPR, PCI, and other regional and
As a seller, your goal is to ensure that customers receive the international data privacy legislation. (Fully vet and qualify
right product on time and in perfect condition. all vendors as the question of who controls data and
where it is stored may become an issue if there is a
No matter which method you choose, your website should be breach or complaint.)
able to initiate the process accurately and consistently. (Email or
address)
Loss of Premises Due to Disaster
Your site will also need to have a process in place for accepting
Disasters happen, and they come in many guises. Fire,
returned items (cancelled tickets). Also known as reverse
flooding, building collapse, electrical grid failure, power
logistics, this process is just as important as shipping outbound
surges, internet failure—and the list goes on. Having the
goods.
right protections in place will help you get back up and
running so your ecommerce business can carry on.
(Design and implement a disaster recovery plan (DRP)
Provide customer service that covers every possible scenario.)
Inevitably, your customers will need to communicate with you
about their order or experience. They may need to correct their
personal information, make an exchange, or return a faulty
product. Your website is where these customers will turn to get in
touch with you. The easier you make it for customers to connect
—with a contact form or chat service, for example—the easier it
will be to solve their problems quickly
(Survey options/ help desk details)
 5. Fares Management System (Linked to Revenue)

Process Risks

The ticket management process is a flow designed to Revenue allocation (incorrect)

organize and manage tickets from their creation to Technical glitches in the system will result in the entity
resolution. incorrectly recognizing revenue (giving a false status on the
ticker – e.g., passenger of that ticket has landed, when the
It includes. passenger has not landed)
 Systematic tracking of tickets throughout their
lifecycle. (From bookings, to payments, to check-ins Invalid Access Rights
at the airport to landing at the passenger’s In the event that access rights are not valid, a penalty may be
destination) – Linked with Revenue Management incurred by the traveller. – Lack of checking the customer’s
System entitlement to consume the rights (unpaid ticket)
 Assigning responsible parties (agents and teams).
 Improving communication and ensuring
transparency in progress updates.

Control is the checking of a passenger’s entitlement to

consume access rights, e.g. at the start or during a trip and
involves checking that the customer has an appropriate ticket
and marking it as used (‘cancellation’).

Multiple controls may be made on a passenger during a trip.

A control process is thus an elementary action of collecting
data on the rights attached to the TRAVEL DOCUMENT
being controlled and comparing it against equivalent
parameters describing the actual inspection context (location,
time, specific train, etc.) in order to validate it.

Validation is the verification that an access right is valid, has

been consumed and that this consumption was allowed.

It uses the results of one or several consecutive controls and

with media centric and account-based ticketing systems, may
trigger the charge to the customer for the trip.

Validation is based on the comparison between the rights

attached to a FARE PRODUCT stored on a TRAVEL
DOCUMENT and the data collected through previous
controls, characterising the actual situation

Extract Exception Report to compare with the Tickets Sales

Report to ensure that all ticket sales where passengers have
been transported and successfully reached their destinations
have been accounted for as revenue.

6. Check-in and gate control system

Process Risks

Officials at the counter will check the required documents to Technical glitches: Automated check-in systems can be
verify your identity. After verification, you will be issued a susceptible to technical glitches or errors that can cause
boarding pass which will have all the details of your travel like delays or malfunctions in the system.
Flight number, seat number, scheduled departure time of the
flight.
Limited personal interaction: With automatic check-in
systems, there is no personal interaction with the airline staff,
Through Check-in which some passengers may prefer, especially in case of
Through check-in enables passengers with itineraries complex travel arrangements or issues.
containing transit points to complete boarding procedures and
check in baggage at the departure airport for multiple sectors System limitations: Some airlines may have specific
up to their final destination. As a general rule, through check- requirements or limitations for automatic check-in, such as
in is only available when the following 4 conditions are met. restrictions on baggage or seat selection, which may not be
suitable for all passengers.
o The minimum connecting time is ensured.
o The reservation for the connecting flight is
confirmed. Security concerns: Automated check-in systems may be
o The operating carrier for the connecting flight is a vulnerable to hacking or security breaches, which could
partner airline for through check-in. compromise passenger data or cause disruption to air travel.
o Your entire itinerary is shown on a single flight ticket.

Boarding-Gate:
Complete your shopping, dining and/or drinking and come to
the boarding gate at least 30 minutes before the departure
time.
 If you do not arrive 10 minutes before the departure
time, you may not be able to board.

Present your boarding pass and passport to the airport staff

who will then scan it on the system as confirmation that the
passenger has boarded.

Revenue management system is linked with the check-in

system – In order to know which revenue to recognize. (upon
satisfaction of the obligation – transport the passenger –
recognition can be done as soon as the passenger lands)
7. Revenue Management System

1. Bookings:
 Manual Control: Reservation agents
manually enter phone or in-person
bookings into the system.
 Application Control: The RMS application
verifies the accuracy of customer
information, ensuring it aligns with the
specified format and validation rules.
2. Dynamic Pricing:
 Manual Control: Revenue managers may
manually adjust pricing based on external
factors like competitor pricing or special
events.
 Application Control: The RMS algorithms
automatically adjust pricing based on
predefined rules, considering demand
forecasts, historical data, and other
dynamic factors.
3. Seat Inventory Management:
 Manual Control: Operations staff may
manually update seat availability based on
factors like last-minute aircraft changes or
unexpected events.
 Application Control: The RMS continually
monitors and updates seat inventory based
on real-time data, adhering to overbooking
policies and considering factors like no-
show rates.
4. Ancillary Revenue:
 Manual Control: Marketing teams may
manually update pricing or promotions for
ancillary services based on marketing
strategies.
 Application Control: The RMS suggests
pricing strategies for ancillary services,
integrating them into the overall revenue
optimization model.
5. Payments:
 Manual Control: Finance teams manually
reconcile payments and resolve
discrepancies.
 Application Control: The payment
processing system, integrated with the
RMS, ensures secure and accurate
transactions, performing validation checks
on payment information.
6. Boarding:
 Manual Control: Gate agents manually
manage boarding processes, handling
 special requests, and updating passenger
statuses.
 Application Control: The RMS provides
recommendations for boarding priorities
based on fare classes, loyalty status, and
other factors.
7. In-Flight Sales:
 Manual Control: Flight attendants manually
record in-flight sales and manage inventory
of duty-free items.
 Application Control: The RMS suggests in-
flight sales strategies, optimizing offerings
based on historical data and passenger
preferences.
8. Landing:
 Manual Control: Ground staff manually
update system records to reflect the
completion of the flight.
 Application Control: The RMS continues to
optimize pricing and inventory for return
flights, considering post-flight analysis data.
9. Post-Flight Analysis:
 Manual Control: Revenue analysts
manually review post-flight data, identifying
trends and insights.
 Application Control: The RMS generates
automated reports and analytics, providing
insights into the accuracy of demand
forecasts and overall revenue performance.

By combining manual controls for human intervention with

application controls for automated processes, the Revenue
Management System ensures a balanced approach to
managing airline revenue from bookings to post-flight
analysis. This dual control structure enhances accuracy,
efficiency, and adaptability in the dynamic airline industry.
In the Context of the industry – Revenue System
STEP 3 APPLY
Do a practical example – get your hands dirty. Audit procedures you would expect to see and supporting documents that might
be required – address the risks that have been identified in the case study/industry
Look at the report from IRBA on the audit of journals – procedures applied!

Auditing the PASSBY System (Assessing the Internal Controls)

1. Revenue Recognition Policies:

 Procedure: Review and understand the airline's revenue recognition policies, ensuring compliance with
accounting standards (IFRS15)
 Objective: Ensure that revenue is recognized appropriately based on the timing of the transfer of goods or
services to customers.
2. Ticket Sales Verification:
 Procedure: Select a sample of ticket sales and verify the accuracy of recorded revenue by comparing it to
supporting documentation, such as passenger manifests and sales reports.
 Objective: Confirm that ticket sales are accurately recorded, and revenue is recognized in the correct period.
(ticket sales are recorded at the point in time when the services have been provided)
3. Booking System Controls:
 Procedure: Assess the controls within the airline's booking system, including checks and balances to prevent
errors or fraud in ticket sales.
 Objective: Ensure the integrity and reliability of the booking system, reducing the risk of misstatements in
revenue.
4. Completeness of Revenue:
 Procedure: Perform analytical procedures to assess the completeness of recorded revenue by comparing
current-year revenue figures with historical data and industry benchmarks.
 Objective: Identify any potential understatements or omissions in revenue recognition.
5. Sales Contracts and Agreements:
 Procedure: Review and assess sales contracts and agreements to ensure they are properly documented, and
revenue recognition criteria are met.
 Objective: Confirm that revenue is recognized in accordance with the terms of contractual agreements.
6. Deferred Revenue Verification:
 Procedure: Verify the accuracy of deferred revenue balances by examining the underlying transactions and
ensuring that revenue recognition criteria are met before recognizing deferred revenue.
  Objective: Confirm that deferred revenue is appropriately recognized when performance obligations are
satisfied.
7. Freight and Cargo Revenue:
 Procedure: Audit revenue from freight and cargo services by verifying shipping documents, weight tickets, and
other relevant documentation.
 Objective: Ensure accurate recognition of revenue from freight and cargo services in compliance with industry
regulations.
8. Ancillary Service Revenue:
 Procedure: Verify revenue from ancillary services, such as baggage fees, in-flight services, and other add-on
services.
 Objective: Confirm that revenue from ancillary services is accurately recorded and recognized in the
appropriate periods.
9. Refunds and Discounts:
 Procedure: Review refund requests and discounts to ensure that they are appropriately authorized, supported
by documentation, and correctly accounted for.
 Objective: Identify and address any potential overstatements or inaccuracies related to refunds and discounts.
10. Compliance with Regulatory Requirements:
 Procedure: Assess compliance with aviation regulations, particularly regarding the recognition and reporting of
revenue.
 Objective: Ensure that the airline adheres to regulatory requirements, minimizing the risk of non-compliance
issues.
11. Management Representations:
 Procedure: Obtain written representations from management regarding revenue recognition policies, practices,
and any significant changes.
 Objective: Confirm management's commitment to accurate and transparent financial reporting.
12. Audit of Revenue Controls:
 Procedure: Evaluate the effectiveness of internal controls related to revenue recognition, including segregation
of duties and access controls.
 Objective: Identify and address weaknesses in controls that may impact the accuracy of revenue recognition.

STEP 4 APPLY AND EVALUATE

Journal entries you would expect to find from the system flow (e.g. appointing the employee  paying the employee)

ACCOUNTING ENTRIES YOU WOULD EXPECT TO FLOW (refer to Doc 5 – Audit differences)
TICKETS
REFUNDS
FUTURE-DATED TICKETS
FAILED TO ARRIVE FOR CHECK-IN

STEP 5: WHAT IF?

Do I have enough information to cover all audiences – auditors, board of directors, audit committee and CEO/CFO?