Internal Control Checklist

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Internal Control Checklist

Date of Review: {{review_date}}

Review Conducted By: {{reviewer_name}}

Department/Division: {{department}}

A. Control Environment

1. Is there a clear organizational structure with defined roles and responsibilities? (Yes/No/N/A)

2. Are ethical values and integrity promoted throughout the organization? (Yes/No/N/A)

3. Is management committed to competence and training? (Yes/No/N/A)

4. Is there an independent audit committee or similar oversight body? (Yes/No/N/A)

Comments: {{control_environment_comments}}

B. Risk Assessment

1. Does the company have a formal process for identifying business risks? (Yes/No/N/A)

2. Are risks assessed for their likelihood and impact? (Yes/No/N/A)

3. Are significant risks documented and regularly reviewed? (Yes/No/N/A)

4. Are there procedures in place to respond to identified risks? (Yes/No/N/A)

Comments: {{risk_assessment_comments}}

C. Control Activities

1. Are duties properly segregated (e.g., authorization, recording, custody)? (Yes/No/N/A)

2. Are transactions properly authorized above a certain threshold (e.g., {{authorization_threshold}})? (Yes/No/N/A)

3. Are reconciliations performed regularly for bank accounts, debtors, and creditors? (Yes/No/N/A)

4. Are physical assets adequately safeguarded (e.g., inventory, cash)? (Yes/No/N/A)

5. Are computer systems and data protected by appropriate security measures? (Yes/No/N/A)

6. Is there a clear approval process for expenses and disbursements? (Yes/No/N/A)

Comments: {{control_activities_comments}}

D. Information and Communication

1. Is relevant and reliable information communicated in a timely manner? (Yes/No/N/A)

2. Are financial reports accurate and distributed to appropriate personnel? (Yes/No/N/A)

3. Is there an effective communication channel for internal control matters (e.g., whistleblowing)? (Yes/No/N/A)

4. Are employees aware of their responsibilities regarding internal controls? (Yes/No/N/A)

Comments: {{information_communication_comments}}

E. Monitoring Activities

1. Are internal control systems regularly monitored and evaluated? (Yes/No/N/A)

2. Are deficiencies identified and addressed on a timely basis? (Yes/No/N/A)

3. Is there an independent internal audit function or external review? (Yes/No/N/A)

4. Are management reviews of financial and operational performance conducted? (Yes/No/N/A)

Comments: {{monitoring_activities_comments}}

F. Overall Assessment and Action Plan

Overall Assessment of Internal Control System Effectiveness: {{overall_assessment}}

Recommended Actions / Improvements:

1. {{action_item_1}}

2. {{action_item_2}}

3. {{action_item_3}}

Responsible Person: {{responsible_person}}

Target Completion Date: {{completion_date}}

Signature

___________________________

{{reviewer_name}}

Reviewer

Date: {{signature_date}}

___________________________

{{approver_name}}

Management Approval

Date: {{approval_date}}