Internal Control Monitoring Questionnaire Template

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Monitoring Questionnaire
Internal Control Questionnaire
Question
Yes
No
N/A
Remarks
Management requires reliable information to run university
operations. In some situations management directly monitors the
performance of specific control procedures established to provide
that information. In other situations, management evaluates the
information in the normal course of monitoring the results of
operations. Either directly or indirectly these monitoring activities
help assure the reliability of financial reporting information.
1.
Does the information system provide management with necessary
reports on the department’s/university’s performance relative to
established objectives (e.g., budgets), including relevant external
and internal information?
2.
Is the information provided to department heads in sufficient
detail and on time to enable them to carry out their
responsibilities efficiently and effectively?
3.
Do departments provide senior management and ABOR with
proper reports to make important financial decisions?
4.
Does management review key performance indicators (e.g.,
budget) when monitoring financial reporting activities?
5.
Does management compare “general ledger” balances with
independently accumulated information (e.g., budgets, forecasts,
etc.)?
6.
Does management review information such as long outstanding
items, unusual or significant entries, control overrides, etc.?
7.
Does management perform and review analyses (e.g., analytics)
to identify unusual fluctuations in account balances?
8.
Does management periodically review major transaction cycles
(e.g., payroll, cash receipts, etc.) and transaction data?
9.
Does management ensure that policies and procedures are
adequately followed relating to the entity’s general ledger? These
would include processing of journal entries, cut-off, required pre-
approval of journal entries, GAAP conversion process, etc.?

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