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Office of Internal Audit
PO Box 1510
Pembroke, NC 28372

Phone: 910.775.4403
Fax: 910.521.6176
Email: larry.jacobs@uncp.edu

Location: Lumbee Hall, Room 324
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debt cycle

Name:
Title:
Phone Number:
Department:
Date Submitted:
Form:  Debt Cycle          Fiscal Year-End: 2005

A. Control Activities / Information and Communication
Yes N/A No
1. Is there a formal plan of organization under which responsibilities for processing and recording debt are clearly defined?
2. Are policies established to ensure that debt issued is authorized?
3. Are policies established to ensure that debt issued is correctly recorded as to amount and fund?
4. Are policies established to ensure that proceeds of debt issued are recorded properly?
5. Are policies established to ensure that cash is available for payment of interest and matured debt?
6. Are policies established to ensure that interest payments are recorded properly?
7. Are policies established to ensure that the redemption of mature debt is correctly recorded as to amount and fund?
8. Are policies established to ensure that the defeasance of debt is correctly recorded as to amount and fund?
9. Are policies established to ensure that access to unissued debt and related records is limited?
10. Are interest payments reconciled to debt outstanding?
11. Are detail records on debt reconciled to general ledger controls periodically?
12. Are the following duties generally performed by different people:
a. Handling and recording of debt?
b. Reviewing and reconciling control accounts separate from the person who records the information?
c. Recording of cash separate from the recording of the debt?
d. Maintaining detail records on debt separate from cash functions?
e. Custody of blank, unissued debt separate from recording of general ledger, cash, and debt?
13. Is a fiscal agent used for debt issue, interest payments, and redemption?
14. Do evidences of debt and principal repayment checks require the signature of two responsible officials who are authorized signers and who are independent of each other?
15. Is unissued debt kept in a vault which has limited access?
16. Are evidences of debt executed only in the agency's name?
17. Are unclaimed interest checks on bonds kept under adequate physical control by a responsible employee?
18. If fiscal agents are used for the payment of bonds and interest, does the agency receive periodic reports of bonds outstanding and unclaimed interest?
Comments for section A. (please specify question number)
B. Monitoring
Yes N/A No
19. Are redeemed bond coupons canceled and accounted for prior to payment of bond interest and reconciled to bond records by an independent employee?
20. Do all debt issues have to be properly authorized in accordance with applicable legal requirements (i.e. voters, governing body, other governmental agencies or top financial officers)?
21. Does a responsible official determine that debt is retired from the appropriate revenue sources?
22. Does a responsible official periodically determine whether the governmental unit is in compliance with agreement restrictions and report results to a higher authority?
23. Does a responsible official review lease agreements in effect to identify and properly account for lease purchase transactions?
24. Does a responsible official review use of proceeds from bonds sales to ensure that proceeds are used in accordance with legal requirements?
25. If bonds and bond coupons are cremated by a fiscal agent, does the agency receive periodic reports accounting for bonds and bond coupons cremated?
Comments for section B. (please specify question number)

By clicking the Submit button, I do hereby certify, to the best of my knowledge, that the answers provided in this self-assessment of internal control is a true representation of the operations of this department.

Updated: Friday, July 22, 2005

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PO Box 1510 Pembroke, NC 28372-1510 • 800.949.UNCP (8627) • 910.521.6000