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Internal Audit Controls

INTERNAL CONTROL QUESTIONNAIRE NOTE: No answers may indicate an internal control weakness. 1. a. b. c. d. e. f. g. h. i. 2. a. b. c. d. e. f. g. 3. i. j. k. l. m. n. o. p. q. 4. a. b. c. d. e. f. g. h. i. General Are Accounting records updated, reconciled, and balanced monthly? Is a chart of accounts used? Does the Director use a budget system for monitoring revenue and expenses? Are cash projections made? Are monthly or quarterly financial reports available to the contractor’s Board? Does the Board take a direct and active interest in the financial affairs and reports which are available? Is the Director satisfied that all employees are honest? Are accounting personnel required to take annual vacations? Are there written policies and procedures governing the accounting functions? Cash Receipts Does the Bookkeeper open the mail? Does the Secretary list mail receipts before turning them over to the bookkeeper? ____ Is the listing subsequently traced to the cash receipts journal? Are over-the-counter receipts controlled by prenumbered counter receipts, etc.? Are receipts deposited intact daily? Are employees who handle funds bonded? Is the bank reconciliation and the bank deposits performed by two different people? Cash Disbursements Are all disbursements made by check? Are prenumbered checks used? Is a controlled mechanical check protector used? Does the Board authorize the check signers? Does the authorized signer sign checks only after they are properly completed? Does the signer approve and cancel the documentation in support of all disbursements? Are all voided checks retained and accounted for? Does the Director or designee review the bank reconciliation? Is the bank reconciliation and check writing performed by two different people? Accounts Receivable Are billings prenumbered and controlled? Are Accounts Receivable Sub-ledgers reconciled to General Ledger balances on a monthly basis? Are Accounts Receivable Sub-ledgers maintained by someone having no access...