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Internal Control Questionnaire - Audit of Purchases and Cash Disbursement Cycle

This internal control questionnaire evaluates controls related to the purchases and cash disbursements cycle for a company. It contains questions on executing, recording, and custody controls for manual purchases and cash disbursements. The auditor documents their evaluation of each control, identifies any weaknesses, and notes their findings in the remarks section. The purpose is to assess compliance with internal controls in these key processes.

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173 views3 pages

Internal Control Questionnaire - Audit of Purchases and Cash Disbursement Cycle

This internal control questionnaire evaluates controls related to the purchases and cash disbursements cycle for a company. It contains questions on executing, recording, and custody controls for manual purchases and cash disbursements. The auditor documents their evaluation of each control, identifies any weaknesses, and notes their findings in the remarks section. The purpose is to assess compliance with internal controls in these key processes.

Uploaded by

Acctg101
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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INTERNAL

CONTROL
QUESTIONNAIRES
Audit of Purchases and Cash
Disbursement Cycle

GEMMIMA T. IDANAN
Bachelor of Science in Accountancy 3C
Internal Control Questionnaire
Manual Purchases

Client____________________________________________ Audit Date______________________


Names and Positions of Client Personnel Interviewed______________________________________________
________________________________________________________________________________________
Auditor___________________________________________ Date Completed_________________
Reviewed by______________________________________ Date Reviewed__________________
Type of Testing: Compliance

Cycle: Expenditure Class of Transactions: Acquisition

Answer
Questions Yes No N/A
Weakness
Remarks
Major Minor

Executing
1. Is there separation between authority, record keeping,
and custody of merchandise/supplies purchases?
2. Are actions done to guarantee that the best price for
items is obtained?
3. Is immediate control over items acquired from
merchants established?
4. Is there adequate documentation of approvals?
5. Are purchases of inventory made from an approved
vendor list?
6. Are receipt reports prepared following an independent
count?
7. Is a signed receipt obtained from storeroom on delivery
of goods by receiving?
8. Are purchase orders prenumbered and accounted for?
9. Are purchase orders, receiving reports, and vendors'
invoices aligned in preparing vouchers?
10. Are vouchers internally verified for accuracy?
11. Are updates to the authorized vendor list approved at
the appropriate level?
12. Are vouchers approved by authorized personnel?
13. Are daily voucher summaries prepared and agreed to
vouchers issued?
14. Are copies of purchase orders and all revisions, if any,
sent to the Accounts and Receiving departments?
Recording
1. Are all issued vouchers accounted for in journalizing?
2. Is the recording of purchases made in a timely manner?
3. Are the entries in the voucher registry checked for
accuracy?
4. Is there a separate file for unpaid vouchers and
permanent inventory records?
5. Are there independent reconciliations of control
accounts and subsidiary records performed on a regular
basis?
Custody
1. Are products kept in secure locations with limited
access?
2. Are there periodic independent comparisons of
inventory records with goods on hand?
3. Are purchase orders retained in a secure location to
prevent fraud or misuse?
Internal Control Questionnaire
Cash Disbursements

Client____________________________________________ Audit Date______________________


Names and Positions of Client Personnel Interviewed______________________________________________
________________________________________________________________________________________
Auditor___________________________________________ Date Completed_________________
Reviewed by______________________________________ Date Reviewed__________________
Type of Testing:

Cycle: Expenditure Class of Transactions: Cash Receipts

Answer
Questions Yes No N/A
Weakness
Remarks
Major Minor

1. Are all disbursements (except for petty cash) made by


checks?
2. Are imprinted and prenumbered checks used?
3. Is the check amount printed with a check-protection
device?
4. Is each check accompanied by a valid voucher?
5. Is supporting documentation mutilated after payment?
6. Are two signatures required on each check?
7. Is the check signer checking the cash disbursement
voucher for correct approval and accompanying
documents?
8. Are there prohibitions against issuing checks to cash or
bearer?
9. Do larger checks require two signatures?
10. Are signed checks mailed promptly?
11. Are invoices marked paid with the date and amount of
the check?
12. Is a list of unpaid invoices regularly prepared and
periodically reviewed?
13. To avoid duplicate payment, are payments immediately
entered in the AP register?
14. Are blank statements and canceled checks received
and reconciled by a person independent of the
authorization and check signing function?
15. Is a daily summary of checks prepared and agreed to
checks issued?
16. Is there a written prohibition against signing checks in
advance?
17. Is check-signing authority vested in persons at
appropriately high levels in the organization?
18. Are accounting personnel allowed from signing
checks?
19. Are daily summaries of checks compared with check
register totals?
20. Are checks recorded in numerical sequence?
21. Are there periodic independent reconciliations of bank
accounts?

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