Internal Control Questionnaires and Verification Procedures

Other

Is a separate general ledger account or individual subsidiary account maintained for each due from bank account?
Are overdrafts of domestic and foreign due from bank accounts properly recorded on the bank’s records and promptly reported to the responsible officer?
Are procedures for handling the Federal Reserve account established so that:
1. The account is reconciled on a daily basis?
2. Responsibility is assigned for assuring that the required reserve is maintained?
3. Figures supplied to the Federal Reserve for use in computing the reserve requirement are reviewed to insure they do not include asset items ineligible for meeting the reserve requirement, and that all liability items are properly classified as required by 12 CFR 210 and its interpretations?
Does all the foregoing information constitute an adequate basis for evaluating internal control in that there are no significant additional internal auditing procedures, accounting controls, administrative controls, or other circumstances that impair any controls or mitigate any weaknesses indicated above (explain negative answers briefly, and indicate conclusions as to their effect on specific examination or verification procedures)?
Based on a composite evaluation, as evidenced by answers to the foregoing questions, internal control is considered (good, medium, or bad).