C3 Internal Control Checklist External

Internal Controls Checklist for External Advisor, Consultant or Internal Auditor This is a short list for an external advisor or consultant or designated internal auditor to use to conduct an Internal Controls Assessment. SUBJECT WHAT TO CHECK STATUS Savings Account • ID’s required for personal accts. Opening • Documents required for corporate accts. Signature Cards • Custody of signature cards of active accts. Maintenance • Custody of signature cards of inactive & dormant accts. Handling Check Deposits • Are second endorsed checks acceptable? • Are Manager’s Checks, Demand Draft, Pre-Audited Gov’t. Checks subject to Clearing ? • Does the bank follow the standard number of clearing days set by the Phil. Clearing House? Handling Withdrawals • Who verifies signature ? Limits? • Who approves withdrawals? Limits? • Is ID required ? • Who pays for fraudulent withdrawals? Module 3: Product Development Session 6: Procedures and Internal Control Page 1 of 2

Handling Cash Collections • Who keeps Official Receipts? • When does collector request? • When does collector turn over cash collection? To whom? • Does collector include the series of OR’s issued in the daily collection report? Administration of blank • Who keeps blank CC’s and OR’s ? Cashier’s Checks and • Is a monitoring logbook maintained? Official • Are issuances logged before or after? Receipts SUBJECT WHAT TO CHECK STATUS Handling of • Is there a GL acct. for Overages & Shortages? Overages/Shortages • How are these booked? • How are these settled? Waiver of Penalties & • Does the bank waive loan penalties? Up to Other Charges • How much? How is this booked? • Does the bank waive interest due? Up to how • how much? How is this booked? • Who approves waiver requests? Approval of Daily • Who prepares entry tickets? Transactions • Who checks entry tickets? • Who approves entry tickets? Loan Administration • Are loan applicants required to submit ID’s? • Can the borrowers bring home the loan application • and other forms for their spouse or Co-Maker to • sign? • Does Loan Supervisor interview borrowers prior • to release? • Does the Loan Supervisor visit clients? How often?

C3 Internal Control Checklist External

by MABSIV on Jun 15, 2010

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C3 Internal Control Checklist External — Presentation Transcript