INTERNAL CONTROL QUESTIONNAIRE

ACCOUNTS RECEIVABLE
Yes
1. Is credit extended only in accordance with the
Organization's policies and guidelines?
2. Are all receivables properly classified, valued, and
recorded?
3. Are the receivable records maintained on an
account by account basis (sub-ledger)?
4. Is the transaction creating the receivable
documented?
5. Are refunds, adjustments, and credit memoranda
documented?
6. Are refunds, adjustments, and credit memoranda
authorized by persons independent of those persons
accounting for revenues?
7. Are receivables reviewed periodically for
additional action?
8. Are the billings issued at least monthly?
9. Are the persons responsible for issuing billings
independent of collecting and processing receipts
and keeping the accounts receivable records?
10. Are payments received promptly posted to the
accounts receivable records?
11. Are billing disputes, which are reported to the
Unit, promptly investigated by an independent
person?
12. Are accounts receivable aged regularly with
older accounts receiving special attention?
13. Are the Units receivables reported to General
Accounting at year end?

No

Remarks