QUESTION 3 (10 MARKS) Electronic fund transfers (EFT) is a system that is used to transfer money electronically from a companys bank account to make direct payments to suppliers and employees. In summary, the transfer of funds is effected by means of a direct transfer from the paying companys terminal or by means of a data file that is sent from the paying companys terminal to the bank, which then makes the payment. There are certain risks associated with this type of payment system, and controls have to be implemented by companies in relation to the loading of beneficiaries and effecting the payment. The same controls are applicable irrespective of the nature of the payment (i.e. whether suppliers or employees are being paid). You are required to: Outline the control objectives and controls required to address the following risks related to EFT payments:

a.	Capturing of data: Incorrect amount and incorrect supplier are paid.	(5)
b.	Fictitious payments are made.	(5)

Present your answer in tabular format with the following column headings:

Question Number / risk

Control objective

Controls