Internal Control Questionnaires and Verification Procedures

Other Procedures

1. Is the physical existence of bank equipment periodically checked or tested, such as by a physical inventory, and are any differences from property records investigated by persons who do not also have sole custody of property?

2. Do the bank’s procedures provide for serial numbering of equipment?

3. Are the bank’s policies and procedures on property in written form?

4. Is the benefit of expert tax advice obtained prior to final decision-making on significant transactions involving fixed assets?

5. Does the bank maintain separate property files which include invoices (including settlement sheets and bills of sale, as necessary), titles (on real estate, vehicles, etc.), and other pertinent ownership data as part of the required documentation?

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