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    Monitoring Icq PDF

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    Patrick Go
    Management requires reliable financial information to operate the university effectively. Management monitors internal controls and financial performance through various activities to help ensure accurate financial reporting, such as reviewing key performance indicators, account balances, transaction cycles, and account reconciliations. The monitoring questionnaire asks a series of questions to evaluate the sufficiency of the university's monitoring activities and controls over financial reporting.

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    Monitoring Icq PDF

    Uploaded by

    Patrick Go
    158 views3 pages
    Management requires reliable financial information to operate the university effectively. Management monitors internal controls and financial performance through various activities to help ensure accurate financial reporting, such as reviewing key performance indicators, account balances, transaction cycles, and account reconciliations. The monitoring questionnaire asks a series of questions to evaluate the sufficiency of the university's monitoring activities and controls over financial reporting.

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    Management requires reliable financial information to operate the university effectively. Management monitors internal controls and financial performance through various activities to help ensure accurate financial reporting, such as reviewing key performance indicators, account balances, transaction cycles, and account reconciliations. The monitoring questionnaire asks a series of questions to evaluate the sufficiency of the university's monitoring activities and controls over financial reporting.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    158 views3 pages

    Monitoring Icq PDF

    Uploaded by

    Patrick Go
    Management requires reliable financial information to operate the university effectively. Management monitors internal controls and financial performance through various activities to help ensure accurate financial reporting, such as reviewing key performance indicators, account balances, transaction cycles, and account reconciliations. The monitoring questionnaire asks a series of questions to evaluate the sufficiency of the university's monitoring activities and controls over financial reporting.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    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.?
    Question Yes No 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?
    MONITORING EVALUATION

    Conclude on the overall sufficiency of monitoring. Any risk factors identified that could
    result in errors, fraud, irregularities and/or illegal acts should be considered when analyzing
    the department’s operations, and the completed questionnaire should be forwarded to
    Financial Controls.

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