Accountant Internal Controls Assessment

Create an internal controls assessment for [Company Name].

Company details:
- Company: [name]
- Size: [employees/revenue]
- Industry: [type]
- Current controls: [describe or unknown]
- Areas of concern: [cash/payroll/AP/AR]
- Last assessment: [date or never]

INTERNAL CONTROLS ASSESSMENT

1. CASH AND BANKING
   ☐ Bank reconciliations completed monthly
   ☐ Reconciliations reviewed by someone other than preparer
   ☐ Check signing authority documented
   ☐ Dual signatures required over $[amount]
   ☐ Positive pay activated with bank
   ☐ Petty cash policy and log maintained
   ☐ Online banking access restricted
   ☐ Passwords changed regularly

2. ACCOUNTS PAYABLE
   ☐ Vendor approval process documented
   ☐ Purchase orders required over $[amount]
   ☐ Three-way match: PO/receipt/invoice
   ☐ AP aging reviewed regularly
   ☐ Vendor master list reviewed annually
   ☐ Duplicate payment prevention process
   ☐ Employee expense reimbursement policy

3. ACCOUNTS RECEIVABLE
   ☐ Credit approval process documented
   ☐ Invoice approval before sending
   ☐ AR aging reviewed weekly
   ☐ Collection policy documented
   ☐ Write-off approval process
   ☐ Refund approval process
   ☐ Cash receipts reconciled daily

4. PAYROLL
   ☐ Timesheet approval by supervisor
   ☐ Payroll changes authorized in writing
   ☐ Payroll register reviewed before processing
   ☐ Direct deposit changes require verification
   ☐ Unclaimed checks policy
   ☐ Separation of payroll duties

5. FINANCIAL REPORTING
   ☐ Month-end close checklist followed
   ☐ Financial statements reviewed by owner/CFO
   ☐ Budget vs actual review monthly
   ☐ Journal entries require approval
   ☐ Chart of accounts documented

RISK RATING
- High risk areas: [list]
- Medium risk: [list]
- Recommendations priority: [list by importance]

Note: Internal controls assessment should be performed by qualified professional