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Financial Controls Checklist


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Financial Controls Checklist This Financial Controls Checklist includes a range of tasks you can do to check if your business organization is financially stable. Its content covers such economic aspects as governance, revenue, expenditure, assets, workforce, and risks & insurance.

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  1.  Governance.
    • Be sure roles and responsibilities of personnel involved in managing your company’s financial resources are established and written.
    • Hold a meeting with your employees to discuss the roles and responsibilities and make sure they understand their job.
    • Review and approve a scheme of financial authority delegation.
    • Create a register of financial interests for people having rights for making strategic decisions regarding corporate finances.
    • Use that register as the primary decision making tool for maintaining financial control in the absence of the key personnel.
    • Be sure proper accounting and financial records are maintained and retained.
    • Create a schedule for regular reviews of those records.
    • Ensure that only authorized employees have access all accounting and financial information of your company.
  2.  Revenue.
    • Make sure there’s a policy for managing various charges, discounts and concessions.
    • Assign a person who will keep the policy relevant and up-to-date.
    • Evaluate efficiency of procedures for identifying income due.
    • Check if invoices are issued within no later than 30 days.
    • Review records on all revenue generated.
    • Be sure that cash is counted by two people, so the probability of miscalculation is minimized.
    • Use only officially approved documents for recording your company’s income.
    • Keep receipts and receipt books securely in a locked cabinet.
    • Keep all cash securely in a safe receptacle.
    • Check if your company’s income is banked promptly.
    • Reconcile the income received and income banked on a monthly basis.
  3.  Expenditure.
    • Make sure there’re written procedures for treating purchasing activities.
    • Use only official purchase orders to buy goods and services (except for rent and rates).
    • Always confirm a verbal order by a written order.
    • Use only formal invoices to order goods and services.
    • Authorize every invoice and order prior to submitting to the supplier.
    • Be sure there’s a process for tracking goods delivered under original orders and invoices.
    • Make payments by invoiced prices and within appropriate time limits.
    • Keep an inventory of expenditures for all products/services ordered and paid.
    • Check if there’s a separation of duty between an employee who makes orders and another employee who pays for those orders.
    • Satisfy claims for reimbursement on a regular basis and by authorized staff.
    • Make sure all expenditures are supported by a receipt, signed for by the recipient and countersigned by an authorized employee.
  4.  Assets.
    • Keep an inventory of your company’s assets up-to-date.
    • Make sure the inventory is signed and dated.
    • Check the inventory annually to ensure that all physical items agree to the items presented in the inventory.
    • Investigate any asset discrepancies and send a report to senior management.
    • Count and record all property taken off the company’s balance.
    • Undertake the disposal of surplus stocks in accordance with written financial regulations of the company.
    • Check if a special procedure for keeping premises secure is carried out adequately and regularly.
    • Be sure all keys to cash boxes, cabinets, safes, and other receptacles are secured and accessed by authorized personnel only.
    • Ensure that the number of keys to the receptacles is limited to the actual number of the receptacles.
  5.  Workforce.
    • Be sure there’s a formal staff recruiting procedure to search for, select, hire, train and orientate new workers.
    • Check if appointments, vacations, termination of employment, variations to pay, and expenses are administered on a timely basis.
    • Investigate any issues regarding appointments, vacations, termination of employment, variations to pay, and expenses and then report to senior management.
    • Ensure that in your organization there’s a written code of conduct for all personnel.
    • Check if the HR department has a full and up-to-date inventory of employees working for the company.
    • Process payroll transactions only through the company’s payroll system.
    • Submit expense claims at the beginning of each month by payroll deadlines.
    • Be sure employee claims are countersigned, checked, responded and recorded in a timely manner.
  6.  Risks & Insurance.
    • Use a risk management policy to identify, evaluate and mitigate...

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