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Internal Control Questionnaire

This internal control questionnaire asks yes or no questions to evaluate an organization's controls over its accounts receivable process. It addresses whether credit is extended according to policies, receivables are properly recorded, receivable records are maintained by account, transactions are documented, refunds and adjustments are authorized and documented, receivables are reviewed and billed regularly, billing and collection duties are segregated, payments are promptly posted, billing disputes are investigated, and receivables are aged and reported.

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Nicole Megan Amacan
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168 views

Internal Control Questionnaire

This internal control questionnaire asks yes or no questions to evaluate an organization's controls over its accounts receivable process. It addresses whether credit is extended according to policies, receivables are properly recorded, receivable records are maintained by account, transactions are documented, refunds and adjustments are authorized and documented, receivables are reviewed and billed regularly, billing and collection duties are segregated, payments are promptly posted, billing disputes are investigated, and receivables are aged and reported.

Uploaded by

Nicole Megan Amacan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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INTERNAL CONTROL QUESTIONNAIRE

ACCOUNTS RECEIVABLE
Yes
1. Is credit extended only in accordance with the
Organization's policies and guidelines?
2. Are all receivables properly classified, valued, and
recorded?
3. Are the receivable records maintained on an
account by account basis (sub-ledger)?
4. Is the transaction creating the receivable
documented?
5. Are refunds, adjustments, and credit memoranda
documented?
6. Are refunds, adjustments, and credit memoranda
authorized by persons independent of those persons
accounting for revenues?
7. Are receivables reviewed periodically for
additional action?
8. Are the billings issued at least monthly?
9. Are the persons responsible for issuing billings
independent of collecting and processing receipts
and keeping the accounts receivable records?
10. Are payments received promptly posted to the
accounts receivable records?
11. Are billing disputes, which are reported to the
Unit, promptly investigated by an independent
person?
12. Are accounts receivable aged regularly with
older accounts receiving special attention?
13. Are the Units receivables reported to General
Accounting at year end?

No

Remarks

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