Internal Control Questionnaires and Verification Procedures

Consigned Items

1. By seals or otherwise, obtain control of all items held on consignment.

2. In the presence of a bank official, inventory unissued and spoiled items on hand, and agree totals to memorandum controls maintained at each issuing location.

3. Compare and reconcile memorandum records to latest consignor statement.

4. Prepare and mail to consignor a confirmation request on items inventoried.

5. Follow up and clear satisfactorily any confirmation exceptions.

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