Ten hard questions to ask or be asked
| 1 | Do you separate and monitor responsibilities (e.g. does one person prepare cheques and vouchers and at least one other person verify and sign them)? Could the person who is opening mail be pocketing cheques, money-transfer instructions, etc.? |
| 2 | Do you require two signatures on cheques, money-transfer instructions, etc.? |
| 3 | Is there a voucher for every payment and every receipt? |
| 4 | Are vouchers numbered consecutively and properly accounted for? |
| 5 | Are you identifying the vendor, client, job, project, etc. to which each transaction relates? |
| 6 | Are debits and credits correctly identified (i.e. in your accounts, money coming out of your bank account is a credit)? |
| 7 | Are outgoings correctly identified, as spending on inventory, ... |
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