Cash Receipting Cycle

Self Assessment of Internal Control Questionnaire

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Objectives and Risks
Objectives Risks
All collections are properly identified, control totals developed,and collections promptly deposited intact. Failure to record cash receipts; withholding or delaying the recording of cash receipts; diverting cash receipts after recording non-compliance with the Cash Management Act.
All bank accounts and cash on hand are subject to effective custodial accountability procedures and physical safeguards. Misappropriated cash or petty cash funds; diverted cash receipts unauthorized cash disbursements; loss of funds.
All transactions are promptly and accurately recorded in adequate detail records and appropriate reports are issued. Covering unauthorized transactions by substituting unsupported creditsor fictitious expenditures to cover misappropriated collections;underfooting or overfooting cash or receivables.
All transactions are properly accumulated, correctly classified and summarized in the general ledger balances and properly and timely reconciled with bank statement balances. Misstating cash balances; covering unauthorized transactions by falsifying bank reconciliation.