| A.
Control Activities / Information and Communication |
| Yes |
N/A |
No |
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1. Do
flowcharts exist that document investment processing and identify
control procedures? |
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2. Are
there written policies and procedures that document the flow
of investment processing and identify control procedures? |
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3. Are
policies and procedures established to ensure investment certificates
are received or appropriately reflected in the custodial accounts? |
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4. Are
investment purchases recorded in the general ledger on the date
traded? |
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5. Is
the documentation easily accessible to all persons needing it
to perform their job? |
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6. Are
policies and procedures established to ensure the acquisition
and disposal of investments are properly recorded? |
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7. Are
policies and procedures established to ensure investment income
received is recorded properly? |
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8. Does
investment income earned get recorded on a timely basis? |
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9. Are
investment earnings credited to the proper fund? |
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10. Is
the acquisition and disposal of investments authorized by a person
with approval authority? |
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11. Are
investment guidelines formally established and periodically reviewed? |
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12. Have
authority and responsibility been established for investment
opportunity evaluation and purchase? |
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13. Has
the level and nature of approval required to purchase or sell
an investment been established? |
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14. Are
the following duties generally performed by different people: |
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a.
Cash flow management, investment transactions, safeguarding
the investments, responsibility for them and recording them? |
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b.
Record-keeping functions for securities and income separate
from those having access to physical securities, those authorizing
security transactions, and those having duties in the cash
area? |
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c.
Initiating, evaluating, and approving transactions segregated
from those for detail accounting, general ledger and other
related function? |
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d.
Monitoring investment market values and performance from those
for investment acquisition? |
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e.
Maintaining detail accounting records segregated from those
for general ledger entries? |
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f.
Custodial responsibilities for securities or for other documents
evidencing ownership or other rights assigned to an official
who has no accounting duties? |
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15. Do
all purchases and sales of investments require authorization
by the governing body or other responsible official before execution
of the transaction? |
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16. Are
investment certificates and interest coupons sufficiently safeguarded? |
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17. Are
securities released from the vault only upon authorization of
a person responsible for cash flow and for investment transactions? |
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18. Is
it necessary fro more than one person to authorize the release
of a security from safekeeping, or to have access to the safe
deposit box or vault? |
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19. Are
individuals with access to securities bonded? |
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20. Are
securities transported by armored truck? |
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21. Are
all securities held or registered in the name of the agency? |
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22. Are
detail records maintained that include the following information,
if applicable on each evidence of ownership: |
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a.
Date of acquisition, identification and purchase amount or
cost? |
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b.
Physical location of item, i.e., safe deposit box, etc.? |
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c.
Interest dividend, or income rates and accrual or receipt dates? |
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d.
Ownership by fund? |
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23. Do
procedures exist for reconciling the detail accounting records
with the general ledger control? |
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24. Do
specific procedures exist for tracking maturing investments and
interest payments? |
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25. Is
the investment program integrated with the cash management program
and expenditure requirements? |
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26. Are
competitive bids sought for certificate of deposit purchases? |
| Comments for section A.
(please specify question number) |
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| B.
Monitoring |
| Yes |
N/A |
No |
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27. Is
the nature of investments included in the general ledger balances
periodically reviewed? |
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28. Does
a responsible official determine that the income earned is credited
to the proper fund? |
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29. Does
a responsible official determine that investments are of the
character and type permitted by legal requirements. |
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30. Is
the performance of the investment portfolio periodically evaluated
by persons independent of investment portfolio management activities? |
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31. Are
appropriate personnel authorized to release securities from safekeeping
authorized by the governing body? |
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32. Are
securities or legal documents or agreements evidencing ownership
or other rights kept in a vault with limited access, or preferable,
protected in a safe deposit box, on deposit with a corporate
trustee, or broker? |
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33. Does
management periodically count securities and reconcile them to
the records? |
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34. Are
periodic surprise counts of evidence of ownership made and reconciled
to detail records and other controls? |
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35. Are
securities periodically inspected or confirmed from safe-keeping
agents? |
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36. Are
periodic comparisons made between income received and the terms
of the security or publicly available investment information? |
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.
