Archive about 'Internal Control Checklist'

Internal Control: The Importance Of Segregation Of Duties

Tweet One of the basic audit objectives when we review an organization framework is the proper segregation of duties. Though it is basic, it is by far the most potent as it ensure that errors or irregularities are prevented or detected on a timely basis by employees in the normal course of business. Segregation of […]

Internal Control Checklist/Questionaire/Assessment On Human Resources & Personnel Expenditure

Tweet Using the salient points below, perhaps you can establish an internal control questionnaire/checklist for your company’s human resources and personnel expenditure. 1.0 General Policies and procedures for HR management such as recruiting, termination and turnover management should be clearly documented and communicated. 2.0  Planning and Policy An annual manpower budget that addresses the organisation’s future […]

lnternal Control:Control Framework Within An Organisation

Tweet One of the key requisites to successfully manage the risks associated with running a business is to have a sound and effective control framework. The existence of such a framework in an organisation encourages a sound control environment in which the business operates. With the increasing levels of corporate governance, the CFO and the […]

Internal Control Checklist/Questionaires/Assessment On General Accounting

Tweet General · 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. […]

Internal Control Checklist/Questionaires/Assessment On Project Management

Tweet General Polices and procedures for project initiation, planning, procurement planning, execution and performance reporting should be clearly documented and communicated. Initiation Project managers should be identified and assigned early in project planning, but not later than at the start of project execution. Contractual requirements should be analysed and, where significant, catered for in the […]

Internal Control Checklist/Questionaires/Assessment On Revenue Cycle

Tweet General Policies and procedures for credit and collections management should be clearly documented and communicated. Credit Assessment · The credit worthiness of all new credit customers should be evaluated and documented for approvals in the credit assessment forms. · Credit limits of customers must be approved in accordance with the DOA. · The credit […]

Internal Control Checklist/Questionaires/Assessment On Fixed Assets

Tweet General Procedures and policies for acquisitions, transfers and disposals of fixed assets should be established.  Fixed assets’ useful lives should be clearly defined and be consistent with the Group’s fixed assets policies. Operating units may have different policies subject to the Group Finance Director’s approval. Fixed Assets Register Each operating unit’s finance department must […]

Internal Control Checklist/Questionaires/Assessment On Expenditure Cycle

Tweet Do you want to set up an audit checklist to ensure that there proper internal controls for your company’s Expenditure Cycle? Append below are some suggested salient internal controls points for the Expenditure Cycle: General Policies and procedures for procurement and vendor selection should be clearly documented and communicated. Raising of Purchase Orders, approval […]

Internal Control Checklist/Questionaires/Assessment on Inventory,Logistics And Distribution

Tweet Do you want to set up an audit checklist to ensure that there are proper internal controls for your company’s Inventory, logistic and distribution? Append below are some suggested salient internal controls points for inventory, logisticand distribution: General Policy and Procedures should be defined and documented for Inventory Management. Ordering Purchasing decisions should be […]

Internal Control Checklist/Questionaires/Assessment On Manufacturing Operation

Tweet Using the salient points below, you are able to establish internal control checklist and or statement of policy of your company’s manufacturing operations: General • Policies and procedures for production planning, production process, modification process, quality control, equipment maintenance, scrap and security should be clearly documented and communicated. Production/Modification Planning • Standard documentation should be used […]