evaluating design of the control

Hi tutor,
In the case where the control is in place for Finance manager to review all of the manual journals… Would following scenario indicate that ‘design’ of the IC is efficient or not?

Information obtained via performing walk-through
1. Finance manager didn’t review one of the journal as she participates in preparing journal when there is a large volume of journal
2. As a result finance manager has compensating control where she prepares management report.
3. Finance manager will review any unusual recording of the journals and also investigate any variance over the 10% compared to the previous month.
4. managment report is then reviewed by the CFO and any change required is made the the Finance manager.
5. Finally, board reviews the management report.

I initially thought the control was ‘designed effectively’ however I am now feeling unsure about this… Does the compensating control also is considered as the control where the original control relies on to address the risks?

I am very unsure about this :(. From the tutor’s perspective, would the control is designed effectively or not?

Thank you