Internal Control Questionnaires and Verification Procedures

Foreign Return Item

1. Are there procedures for the handling of return items so that:

   1. They are delivered unopened and reviewed by someone who is not responsible for preparation of cash letters?

   2. All large unusual items or items on which an employee is listed as maker, payee, or endorser are reported to an officer?

   3. Items reported missing from cash letters are promptly traced and a copy sent for credit?

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