Internal Control Questionnaires and Verification Procedures

Other

1. Does the bank book obligations immediately on receipt of invoices or bills for services received?

2. If the bank uses a Federal Reserve deferred credit account, is the liability for incoming “Fed” cash letters booked immediately upon receipt?

3. Does the bank book dividends that have been declared but are not yet payable?

4. Are invoices and bills proved for accuracy prior to payment?

5. Are invoices and bills verified and approved by designated employees prior to payment?

6. Are procedures established to call attention, within the discount period, to invoices not yet paid?

7. Does the bank have a system of advising the board of directors of the acquisition and status of major other liability items?

8. Are all payroll tax liabilities agreed to appropriate tax returns and reviewed by an officer to ensure accuracy?

Previous: Other Liabilities Records Next: Other Liabilities Conclusion