Internal Control Questionnaire 2

INTERNAL CONTROL QUESTIONNAIRE
OFFICE OF INTERNAL AUDIT

UNIVERSITY OF THE VIRGIN ISLANDS
Cabinet Member or Representative responsible for completing this form:
INSTRUCTIONS FOR COMPLETING THIS FORM:

Answer each question by placing an X in the either the Yes, No, Not Sure, or Not
Applicable (N/A) column. Provide comments as you deem necessary.
Question
YES
NO
Not
Sure
N/A
COMMENTS
BACKGROUND
1. Does the department have an overall
mission?
2. Has a risk assessment been performed
recently for the department?
3. Does the department have a current
organization chart?
4. Does the department have a written
policies and procedures manual?
5. Are the departments organizational
structure and lines of authority clearly
understood by employees?
6. Are employee job descriptions, desk
procedures, and other internal operating
procedures current?
7. Has the department undergone other
audits/reviews (external, federal and/or
local inspector general) in the past 3
years?
8. Does management demonstrate the
importance of integrity and ethical
values, including the Presidents seven
management values?
9. Does the department have the time,
tools, and resources to effectively
accomplish its mission and objectives?
10. Are there any special issues or areas of
concern to which the department feels
the Office of Internal Audit should be
aware of or devote additional time?
BUDGETING, ACCOUNTING, AND FINANCIAL REPORTING

Training
11. Does your department have a staff
member who is properly trained in the
use of the Banner system, including the
chart of accounts?

Question
YES
NO
Not
Sure
N/A
COMMENTS
12. Does your department have a staff

member who is properly trained in the
use of systems reports and reporting
tools available in the Banner system?
Reconciliations
13. Are department ledgers reviewed and
reconciled to supporting documentation
at least monthly?
14. Are month end financial reports in
Banner reviewed and verified for
accuracy on a monthly basis?
15. Is the staff that performs the
reconciliation separate from the staff
that initiates and finalizes transactions?
16. Are reconciling differences, negative
balances, and/or unsupported
transactions investigated and corrected
timely?
17. Does higher level management review
the reconciled ledgers and appropriate
supporting records and provide
documentation of this review?
Funds Management
18. Are funds for large purchases, travel,
etc., encumbered and set aside to
ensure that funds will be available when
payment is due?
19. Are financial reports that compare
budgets to actual financial activity
generated and reviewed by appropriate
management?
20. If fund or cost account deficits are
anticipated, are appropriate levels of
management notified timely and
appropriate corrective action taken?
COLLECTIONS, DEPOSITS, CASH FUNDS, AND PCARDS

Collections and Deposits
21. Are employees responsible for cash
handling and deposits provided with a
manual or set of standard operating
procedures?
22. Are the collection and deposit
preparation functions segregated from
the accounting functions?
23. Are receipts issued or mail logs receipts
recorded immediately for all forms of
collections received and at the earliest
point of collection?

Question
24. Are cash register tapes or receipts
issued each time a collection (including
cash, checks, and credit card
transactions) is received over the
counter?
25. Are pre-numbered receipts and cash
register readings independently
controlled, accounted for, and
compared to validated deposit
documentation by an individual with no
cash handling responsibilities?
26. Are all copies of voided receipt forms
and cash register voids retained and
accounted for and/or approved and
documented?
27. Are all checks required to be made
payable to the University of the Virgin
Islands?
28. Are checks required to be restrictively
endorsed For Deposit Only upon
receipt?
29. Are cash drawers or cash boxes
secured when the cash custodian
leaves his/her workstation?
30. Are deposits made daily?
31. Are funds not deposited daily physically
stored in a safe or other secure device?
32. Does someone prepare the deposit
other than the person collecting and
recording receipts?
33. Are collections deposited intact (i.e. no
expenditures made from collections)?
34. Are receipts and deposits reconciled at
least monthly with departmental
ledgers?
35. Are duties related to accounts
receivable delegated so that no one
individual can collect funds, update
receivable records, and reconcile
accounts receivable records?
36. Are accounts receivable billings issued
at least monthly, or on some other,
consistent, periodic basis?
37. Are accounts receivable aged
regularly?
38. Does the University have a policy to
write off delinquent accounts?
Petty Cash
39. Does the department have a petty cash
fund?
YES
NO
Not
Sure
N/A
COMMENTS

Question
YES
NO
Not
Sure
N/A
40. Is there a designated petty cash

custodian?
41. Are receipts required for each petty
cash expenditure?
42. Are employees prohibited from making
loans and cashing personal checks
from the petty cash fund?
43. Are periodic reconciliations of the petty
cash fund conducted by someone other
than the fund custodian?
PCards
44. Has the department issued PCards to
any of its employees?
45. Does a manager or other designated
employee review PCard transactions on
a periodic basis to ensure that
expenditures are for authorized
University purposes?
46. Is there a specific documentation
retention requirement for employees to
maintain PCard receipt transactions?
47. Are cases of suspected fraud, waste,
and abuse regarding cash collections,
petty cash, and PCard transactions
brought to the attention of a manager or
the Office of Internal Audit?
ASSET MANAGEMENT
48. Are department custodians provided
with a property manual or operating
procedure to effectively conduct their
duties?
49. Are property items over a certain dollar
threshold appropriately tagged?
50. Is the use of property off-campus
properly accounted for?
51. Is off-campus property included in the
annual inventory?
52. Are all work areas and storerooms
appropriately secured to deter
unauthorized entry?
53. Are attractive items such as laptops,
projectors, tools, and cameras kept in a
secure location when not being used?
54. When equipment is moved from one
location to another within the
department, are asset management
personnel notified?
COMMENTS

Question
YES
NO
Not
Sure
N/A
55. When equipment is transferred from

one department to another, are asset
management personnel notified?
56. Are adequate procedures in place to
facilitate the annual inventory, including
procedures to resolve discrepancies in
a timely manner?
57. Is stolen or missing property timely
reported to campus security or the
Office of Internal Audit?
58. Are vehicle use records maintained for
the use of University owned or leased
vehicles?
59. Is vehicle use limited to personnel with
valid drivers licenses?
60. Are only appropriate employees
allocated keys to the office and
building?
61. Is the building secure and after hours
access limited to appropriate
employees?
PAYROLL
62. Are employees responsible for payroll
provided with a manual or operating
procedure?
63. Have employees charged with payroll
and distribution responsibilities been
appropriately trained?
64. Are time and labor entries approved by
the dean, director, unit head, or other
manager who has supervisory
responsibilities for the person whose
time is being approved?
65. Does the department track and maintain
adequate records of employees'
vacation time and sick leave?
66. Have procedures been implemented to
ensure that overtime and compensatory
hours worked are appropriate and
approved in advance by an employees
supervisor?
67. For employees required to maintain
time cards for time worked, do the time
records reflect the actual hours worked
rather than the hours scheduled to
work?
HUMAN RESOURCES MANAGEMENT

68. Are hiring practices reflective of the
Universitys non-discrimination policy?
COMMENTS

Question
YES
NO
Not
Sure
N/A
69. Are the education and past working

experience of new employees verified
and documented?
70. Are criminal background checks
conducted for new employees?
71. Is the Employee Eligibility Verification
(Form I-9) processed within 3 days of
the hire date for a new employee?
72. Do employees complete sexual
harassment and/or ethics training on an
annual basis?
73. Are personnel records maintained in
accordance with retention schedules
and access to confidential records
limited to those with need to know?
74. Have managers been properly trained
on the Family and Medical Leave Act
(FMLA)?
75. Are procedures in place to ensure
awareness and compliance with the
Universitys policy on Conflict of Interest
and Disclosure?
awareness and compliance with the
policy on Use of University Property?
77. Are terminations of employee
appointments that separate from the
University timely processed?
PURCHASING AND DISBURSEMENTS

78. Are employees responsible for
requisition/purchasing, vendor
payments, and travel familiar with
University policy on these matters?
79. Are the duties for initiating requisitions,
receiving purchased items, processing
of invoices for payment, and
reconciliation of the department ledger
separated between 2 or more
employees.
80. Does the department ensure that the
best combination of quality, total price,
and delivery are evaluated when
acquiring goods and services?
81. Are purchase requisitions initiated and
approved by employees specifically
authorized to perform this task?
82. Are vendor invoices timely processed?
83. Do invoices receive appropriate
supervisory approval before payment?
84. Are appropriate discounts being taken?
COMMENTS

Question
YES
NO
Not
Sure
N/A
85. Are returned purchases controlled in a

manner to ensure that the department
receives the credit or refund it is due?
86. Are vendor invoices and travel
reimbursements controlled in such a
manner to prevent duplicate payment?
87. Are travel/business authorizations preapproved?
88. Are travel/business expenses
documented in accordance with
University policy?
INFORMATION TECHNOLOGY
89. Is the departments computer
equipment secured to prevent theft?
90. Is access to the computer system
limited to authorized individuals?
91. Are backups of operating systems,
critical data, and key software programs
made on a regular basis and stored at
an off-site location?
92. Are all copies of software used by the
department appropriately licensed?
93. Are virus protection programs used?
94. In case of an emergency, does a
contingency plan exist that would guide
the department on how to continue
operations?
awareness and compliance with the use
of computers solely to conduct official
University business?
96. Is access to sensitive and/or
confidential electronic information
restricted to authorized users?
97. Do any department users have the
authority to modify user authorization to
access sensitive and/or confidential
electronic information?
98. Are documented procedures in place to
remove access to all production
systems when an employee terminates
from the University?
COMMENTS

Internal Control Questionnaire 2

Uploaded by

Copyright:

Available Formats

Internal Control Questionnaire 2

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Read this document in other languages

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Internal Control Questionnaire 2

Uploaded by

Copyright:

Available Formats

INTERNAL CONTROL QUESTIONNAIRE

OFFICE OF INTERNAL AUDIT

INSTRUCTIONS FOR COMPLETING THIS FORM:

BUDGETING, ACCOUNTING, AND FINANCIAL REPORTING