This questionnaire contains inquiries related to common functions of the accounting department which are particularly susceptible to fraudulent activities. Although not designed to be all-inclusive, we hope that it will assist you in creating strong internal controls and fraud prevention procedures to safeguard the assets of the organization.
Consult with your local accountant, financial statement auditor or a fraud prevention specialist to assist in evaluating and developing policies and procedures specific to your company or organization.
As you answer the questions on the following pages, keep in mind that if possible, the following duties should be performed by different people:
– Authorization and approval
– Recording
– Custody
When this level of separation of duties is not possible, consider utilizing outside bookkeepers, accountants and other service organizations. Detail reviews and increased monitoring by owners or managers may as be utilized as detective controls.
Note that “No” answers to these questions may indicate a weakness in controls that should be strengthened or mitigated by increased owner/manager review and monitoring.
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