Internal Control Questionnaires and Verification Procedures

Other Foreign

1. Are separate dual currency general ledger or individual subsidiary accounts maintained for each due from foreign bank—demand account, indicating the foreign currency balance and a U.S. dollar (or local currency) equivalent balance?

2. Do the above ledger or individual subsidiary accounts clearly reflect entry and value dates?

3. Are the above ledger or individual subsidiary accounts balanced to the general ledger on a daily basis?

4. Does international division management receive a daily trial balance oft due from foreign bank—demand customer balances by foreign currency and U.S. dollar (or local currency) equivalents?

Previous: Foreign Exchange Activities Next: Other