a) Are all disbursements
except for petty cash made by check?
b) Are checks pre-numbered and all numbers accounted for?
c) Are all checks recorded when issued?
d) Are all unused checks safeguarded, with access limited?
e) Is a mechanical check protector used to inscribe amounts as a
precaution against alteration?
f) Are voided checks retained and mutilated?
g) Are all checks signed by the owner?
h) If a signature plate in used, is it under the sole control of
the owner?
i) Are supporting documents, processed
invoices, receiving reports, purchase orders, presented with the
checks and reviewed by the owner before she signs the checks?
j) Are supporting documents for checks properly cancelled to avoid
duplicate payment?
k) Are checks payable to cash prohibited?
l) Are signed checks mailed by someone other than the person who
writes the checks?
m) Are bank statements and cancelled checks:
i) Received directly by the owner?
ii) Reviewed by the owner before they are given to the bookkeeper?
n) Are bank reconciliations prepared:
i) Monthly for all accounts?
ii) By someone other than the person authorized to sign checks or
use a signature plate if they are other than the owner?
o) Are bank reconciliations reviewed and adjustments of the cash
accounts approved by the owner?
p) Are all disbursements from petty cash funds supported by approved
vouchers?
q) Is there a predetermined maximum dollar limit on the amounts
of individual petty cash disbursements?
r) Are petty cash funds on an impress basis and:
i) Kept in a safe place?
ii) Reasonable in amount so that the fund
ordinarily requires reimbursement at least monthly?
iii) Controlled by one person?
iv) Periodically counted by someone other
that the custodian? |