INTERNAL CONTROL QUESTIONNAIRE

QUESTION YES NO N/ REMARKS

A
CASH AND CHECK RECEIPT IN HANDLING
1. For payments received by received by mail, is a mail log
maintained by hand in ink to prevent alteration that lists
the date of receipt, amount of check, etc.?
2. Is the mail log prepared by someone independent of the
cash receipts process?
3. Is cash counted and verified when cashiers receive their
drawers?
4. Are cash drawers assigned to one person and not shared
across shifts/employees?
5. Is a receipt given for all transactions that are conducted
in person? (Whether by cash register or pre-numbered
receipt)
6. Are duplicate copies of receipts retained?
7. Are manual receipts issued from a bound book that has
prenumbered slips?
8. Are receipts issued in sequence?
9. Are voided pre-numbered documents kept in the bound
receipt book?
10. Are the following cash register controls used:
a. Locked-in-totals?
b. Voided copies of receipts retained for audit
purposes?
c. Do cash register procedures reflect proper daily
checkout and documentation?
d. Are locked-in audit copies of receipts used where
appropriate?
e. Are cashiers provided separate cash drawers to
establish accountability?
f. Are cash drawers locked during a cashier’s absence?
CASH AND CHECK DEPOSIT
1. Are all funds received deposited with no funds being held
back for change, petty cash, etc.?
2. Are deposit slips prepared in at least duplicate form?
3. Do you use a either a locking bank bag or a sealing plastic
tamper proof bag for deposit?
4. Do two people accompany the departmental deposit
from the office to the nearest depository?
PETTY CASH
1. Are policies and procedures relevant to petty cash
current and in writing?
2. Are these policies and procedures clearly stated and
systematically communicated?
3. Do these policies and procedures support internal
control?
4. Have the departments petty cash funds been authorized
by the Petty Cash Custodian?
5. Are petty cash funds used only for appropriate purposes
that are supported by receipts signed by the person
making the expenditure?
ACCOUNTS RECEIVABLE
1. Are credit and collection and write off policies and
procedures current and in writing?
2. Are these policies and procedures clearly stated and
systematically communicated?
3. Do these policies and procedures support internal
control?
4. Are billings controlled and properly accounted for?
5. Is there adequate control over the mailing of statements
to prevent interception prior to mailing?
6. Are statements of account balance mailed on a timely
basis, where appropriate?
7. Are all valid receivables promptly recorded?
8. Are letters of credit reviewed for accuracy?
9. Are adequate provisions made for cut off of receipts and
issues?
10. Is adequate insurance coverage provided?