Internal Control Monitoring Questionnaire Template (Page 2 of 3) in pdf

Internal Control Monitoring Questionnaire Template Page 2

Question

Yes

N/A

Remarks

10. Does management review account reconciliations, including

clearance of reconciling items (e.g., bank account

reconciliations)?

11. Does management monitor procedures to ensure that transactions

are recorded in the proper period?

12. Does management periodically review financial reports?

13. Does management monitor procedures to ensure that all

economic activity of the governmental entity for the period is

reflected in the financial statements?

14. Are signatures required to evidence the performance of critical

control functions such as reconciliations?

15. Does Financial Services have a process to identify significant

changes in accounting principles or other reporting changes, such

as those that may be required by the Federal government or other

authoritative source?

16. Does Financial Services have communication channels in place

to be notified of changes in the entity’s operational practices that

may affect the method or process of recording transactions?

17. If there is an internal audit function, is it independent of other

departments and programs? If the entity has internal audits,

obtain applicable reports and centrally file them.

18. Does the internal audit function report to a sufficiently high level

of authority to assure that its findings will receive consideration?

19. Does management review internal audit reports and take

corrective action on recommendations/deficiencies?

20. Does management review external audit reports and take

corrective action on recommendations/deficiencies?

21. Does Financial Services have procedures in place to ensure

relevant changes in accounting policies are implemented?

Internal Control Monitoring Questionnaire Template Page 2