| A.
Control Activities / Information and Communication |
| Yes |
N/A |
No |
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1. Is there a formal
plan of organization under which responsibilities for closing
the general statements and financial statement worksheets are
clearly defined? |
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2. Is there a formal
schedule with target dates for completing tasks associated
with closing the general ledger and preparing financial statement
worksheets? |
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3. Are policies
and procedures established concerning year-end cut-off of accounting
transactions? |
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4. Does the agency
maintain documentation of written procedures covering the recording
of transactions ? |
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5. Does this documentation
contain a chart of accounts explaining what items are charged
to each line account? |
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6. Does the agency
maintain and follow procedures for record filing, retention,
and disposition? |
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7. Is it required
that trial balances, adjustments and supporting workpapers
be maintained to support the process of closing the general
ledger and preparing financial statements and financial statement
worksheets? |
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8. Is certification
required from operating units that information submitted for
the preparation of the financial statements is correct? |
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9. Is informative
disclosure required in the financial statements and the accompanying
notes as follows: |
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a. Requiring
the accumulation of information concerning commitments? |
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b. Requiring
the accumulation of information concerning contingencies? |
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c. Requiring
the accumulation of information concerning related party
transactions? |
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d. Requiring
the accumulation of information concerning accounting principles? |
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e. Requiring
the accumulation of information concerning fund classifications? |
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f. Requiring
the accumulation of information concerning subsequent events? |
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g. Requiring
the accumulation of information concerning other accounting
disclosures? |
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10. Are investments
reconciled to control accounts at year-end? |
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11. Are intra-agency
transfers reconciled at year-end? |
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12. Are intra-agency
interfund receivables and payables reconciled at year-end? |
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13. Are amounts
designated for subsequent years' expenditure reconciled to
budget authorizations? |
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14. Are beginning
fund balances or retained earnings reconciled to amounts reported
in prior years? |
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15. Are financial
statements (or financial statement worksheets) reconciled to
the general ledger before being transmitted to the State Controller? |
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16. Are financial
statements (or financial statement worksheets) reviewed by
the chief financial officer for accuracy and consistency? |
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17. Are the following
duties generally performed by different people: |
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a. Preparing
and reviewing the financial statements? |
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b. Preparing
and reviewing journal entries? |
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c. Accumulation
of accounting information (inventories, estimates, etc.)
and custody of related assets? |
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d. Preparing
and reviewing worksheets and schedules supporting the accounting
information? |
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e. Performing
and reviewing reconciliations? |
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18. Are worksheets
and schedules attached to journal entry accounting code sheets
and are they secured in a safe location? |
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19. Do only authorized
persons review departmental budgets? |
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20. Is a knowledgeable
individual assigned the responsibility to supervise the conversion
from budget (cash) basis to GAAP basis of accounting? |
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21. Are reconciliations
of subsidiary ledgers to control accounts performed and reviewed
by a responsible person? |
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22. Are journal
entries approved, including a review of supporting documentation? |
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23. Are transactions
subsequent to the balance sheet date reviewed for proper classification? |
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24. Are revenue
accounts reviewed to identify possible deferred revenue? |
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25. Are investment
earning calculations reviewed at year-end? |
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26. Are fiscal agent
statements reviewed for proper presentation and reconciled
to the agency's records? |
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27. Are accumulated
leave records reviewed at year-end? |
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28. Are fixed asset
inventory worksheets reviewed at year-end? |
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29. Are accrual
transactions reviewed to determine that expenditure or revenue
recognition was proper? |
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30. Are retained
earnings or fund balances reviewed for restrictions/reservations
at year-end? |
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31. Are bank reconciliations
reviewed at year-end? |
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32. Are fund types
reviewed to verify fund classifications? |
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33. Is the mathematical
accuracy of the financial statements verified at year-end? |
| Comments for section A. (please specify
question number) |
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| B.
Monitoring |
| Yes |
N/A |
No |
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34. Are overexpenditures
and other differences between actual and budgeted amounts promptly
investigated and resolved? |
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35. Has management
identified accounts, such as those requiring complex calculations
or accounting estimates, which are especially at risk of misstatement
and developed policies and procedures to address those risks
timely? |
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36. Does management
consider the financial reporting impact of changes in computer
programs? |
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37. Has management
instituted a process to identify and address changes in accounting
and reporting procurements? |
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38. Are only authorized
persons allowed to alter or interpret an existing accounting
principle or establish a new accounting principle? |
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39. Does management
spot-check transactions, records, and reconciliation to ensure
expectations are met? |
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40. Are policies
and procedures developed for changes in new systems or new
ways of doing duties? |
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41. Are budgets
compared to actual results and deviations followed up on a
timely basis? |
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42. Is information
(i.e. findings, recommendations, etc.) provided by external
auditors considered and acted upon in a timely manner? |
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43. Are internal
controls subject to formal and continuous internal assessment
process? |
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44. Does management
periodically evaluate the accuracy and timeliness of its information
and communicate it to appropriate personnel? |
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45. Does management
review accounting estimates at least annually (depreciation,
allowance for doubtful accounts, etc.)? |
