Internal Control Questionnaires and Verification Procedures

Internal Control Questionnaire

Note:This questionnaire is designed in two separate modules. Module A is intended to be used as a review of operations and internal controls and should be applied to each wire transfer operation. Module B is intended to be used by examiners in their evaluations of accounting methods and controls related to overdrafts, advances against uncollected or anticipated deposits, and settlement risk. Although the concepts contained in Module B are universally applicable, it is intended to be used only in institutions which participate in one or more of the true funds transfer systems (i.e., FedWire, and CHIPS).

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