Internal Control Questionnaires and Verification Procedures

Purchases

1. If the bank has a separate purchasing department, is it independent of the accounting and receiving departments?

2. Are purchases made only on the basis of requisitions signed by authorized individuals?

3. Are all purchases routed through a purchasing department or personnel functioning in that capacity?

4. Are all purchases made by means of pre-numbered purchase orders sent to vendors?

5. Are all invoices received checked against purchase orders and receiving reports?

6. Are all invoices tested for clerical accuracy?

7. Are invoice amounts credited to their respective accounts and tested periodically for accuracy?

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