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Managing. The risk of Payment System - Turner P.

Turner P. Managing. The risk of Payment System - John Wiley & Sons, 2003. - 253 p.
ISBN 0-471-32848-0
Download (direct link): managingtherisksofpayment2003.pdf
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4. Are all locations and entities audited? ? Yes ? No (If “No,” please attach description of the extent of your audit.)
5. Have you changed CPAs in the past three (3) years? QYes ? No (If "Yes,” please attach an explanation.)
6. Have they made any recommendations about internal systems that have not been implemented?
? Yes ? No (If‘Yes,” please attach an explanation.)
7. Does the CPA provide a Management Letter? GYes ? No (If “Yes,” please include the most recent copy and applicant's response to the letter.)
Internal Audit:
1. Is there an Internal Audit Department responsible for the oversight and review of internal audit programs for all business operations — including the EDP Department? ? Yes ? No (If “No,” please attach an explanation of how this function is fulfilled.)
2. How many people are employed in the Internal Audit Department? _______________________________________
3. To whom does the Internal Audit Department report? ________________________________
4. How often are full internal audits made of all locations? ________________________________
5. Do they carry out regular, random, unscheduled checks on stocks or raw materials, work in progress,
and finished goods? ? Yes ? No
1. Do the employees who reconcile monthly bank statements also:
a) Sign checks? ? Yes ? No
b) Handle deposits? ? Yes ? No
c) Have access to check-signing machines or signature plates? ? Yes ? No
NOTE: If answer to any of the above is “Yes,” please attach explanation of the other controls that are in place for these procedures.
2. Is countersignature required on checks issued by the applicant? ? Yes ? No
(If "No,” please attach an explanation of procedures employed.)
3. Do all requisitions and purchase orders require the prior approval of authorized personnel?
? Yes ? ¹
(If "No,” please attach an explanation of procedure(s) followed.)
4. Are supplier’s invoices matched with related purchase orders, receiving reports, and authorized vendor
lists for review prior to each cash disbursement? QYes ? No
(If “No,” please attach a description of procedures followed.)
Risk Management
Exhibit 8.1 Continued
5. Is a complete inventory made, with a physical check of stock and equipment? ? Yes ? No
a) Do you handle any securities? ? Yes ? No
b) If ‘Yes,” what is the value of securities held?_______________________________________
6. Are securities subject to joint control of two or more authorized employees? ? Yes ? No
7. Are monthly statements of account sent to customers independently of employees receiving payment?
? Yes ? No
8. Are invoices stamped “paid” at the time checks are issued to prevent duplicate checks from being
issued to fictitious persons? ? Yes ? No
9. Are duties of employees segregated so that no individual can control any of the following transactions from commencement to completion:
a. Signing of checks above US $50,000? ? Yes ? No
b. Issuing funds transfer instructions? ? Yes ? No
c. Issuing amendments to funds transfer procedures? ? Yes ? No
d. Investments in and custody of securities or other values (including blank checks,
travelers checks, bills of exchange, etc.)? ? Yes ? No
e. Authorized capital expenditures? ? Yes ? No
Please advise details of the levels of authority for capital expenditures within your business unit.
Officer Authority Limit ($ MM)
10. Are passwords used to afford varying levels of entry to the computer system, and are they regularly changed when there is any turnover in knowledgeable personnel?
? Yes ? No
11. Is there any precious metal or gem exposure (gold, silver, platinum, industrial diamonds, etc.)?
? Yes QNo
a. If ‘Yes,” what is the approximate value of these items?________________________________________
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