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Your audit client AMP is a major Australian Wealth Asset Management company based in the...

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Accounting

Your audit client AMP is a major Australian Wealth Asset Management company based in the Melbourne CBD, with offices across all Australian states and parts of the Asia Pacific region including India, China and Indonesia. AMP employs just over 12,000 employees and is involved in providing several services including retail banking, provision of superannuation, financial advice, investments strategies, life insurance and property investment solutions. AMP's operations rely heavily on 3,000 financial advisors (agents) selling their products for a high fee and commission. During the audit you discovered the following issues:

Issue 1: Initial audit testing revealed several instances where AMP agents sold life insurance policies to customers, but they were not paid their 20% commission on the sales, as the commission rate was omitted when then sales were processed.

Issue 2:  Initial audit testing revealed that over 400,000+ customers received interest rates applied to their mortgage loans well above the current 2.29% variable rate.

For each the above 2 issues identified in your audit, identify automated input controls would be MOST likely to have prevented the issues?

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