Internal Control Checklist/Questionaires/Assessment On General Accounting

July 2nd, 2009 Comments off
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· Procedures and policies should be established for general accounting and month end reporting.

Monthly Reports
· Month-end reporting requirements and their due dates should be clearly communicated.
· Monthly management accounts and reports should be reviewed by senior management.
· Foreign currency transactions and balances should be translated at approved rates.
· Suspense items should be investigated and reviewed by senior management.
· Journal vouchers should be supported and approved prior to processing.

Chart of Accounts
· Creation of new accounts and changes to existing accounts should be authorised by the Financial Manager, and all Functional Managers and Divisional Directors informed immediately.
· Dormant accounts should be reviewed and deleted/deactivated annually.

· Reconciliations should be prepared for all key control accounts including Stock Ledger, Payroll, Fixed Assets and Cash Book.
· Inter-company balances should be confirmed and reconciled on a monthly basis. All reconciling items should be checked and cleared.

Segregation of Duties
· There should be segregation of duties between the following functions:
Cash handling
Maintenance of GL data

Delegation of Authority (DOA)
The documented DOA should cover the authority to:
Create and edit of GL
Sign cheques and payment instructions

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