The Internal Control Checklist is a resource for the campus community that may be used to assess and reinforce internal controls, encourage effective and efficient business operations, and improve compliance in a department or functional unit. When assessing controls in a given region, the checklist is supposed to be useful rather than exhaustive. Even though many internal controls are common sense, using this checklist to assess the control processes on a regular basis can be a useful tool for stepping away from your everyday work, reviewing controls, and documenting your due diligence.

10+ Control Checklist Samples

An internal control checklist is a tool that an organization can use to assess the state of its internal control system. Control breakdowns can be assessed by comparing the checklist to actual systems on a regular basis. A checklist provides the following advantages when used on a regular basis: Internal control problems receive fewer audit remarks, management may rest assured that the financial numbers disclosed are correct, there is a lower probability of asset losses as a result of fraud, and there is a lower likelihood that the organization will fail to meet any applicable regulatory obligations.

1. Control Checklist Template

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2. Restaurant Internal Control Checklist Template

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3. Quality Control Checklist Template

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4. Traffic Control Checklist

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5. Export Control Checklist

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6. Litter Control Checklist for Restaurants

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7. Infection Control Checklist

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8. Quality Control Checklist & Certification

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9. Sample Internal Control Reference Checklist

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10. Grading & Sediment Control Plan Checklist

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11. Internal Control Checklist

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Internal controls are a combination of rules, processes, evaluations, segregation of roles, and other activities used to reduce the risk of asset loss, create accurate financial statements, and run operations in a timely and efficient manner.

The goal of going through an internal control checklist is to find any lacking or weak controls. This discovery does not always imply the presence of a control issue that needs to be addressed. A poor control may be acceptable if there are compensating controls elsewhere in the system. If a signature plate is used to sign checks, for example, this may be deemed a control flaw unless every purchase order made requires official permission upstream. This counterbalanced control ensures that purchases are nevertheless approved somewhere in the procurement system.

Internal control checklists can be extensive and are adapted to the specific demands of each company. For example, the controls employed in a casino (which rely heavily on cash) differ significantly from those used in a software development firm (which may never use cash at all).

Payables Control Checklist

  • A manager must authorize all bills worth more than $50.
  • The purchase request, receiving document, and supplier invoice are all matched three times.
  • Blank checks are kept in a secure area.
  • The check number sequence is kept track of.
  • Manual signatures are required on all checks.
  • When invoices are paid, they are branded “paid.”

Customer Billing Control Checklist

  • All special offers and discounts have been confirmed.
  • Issues are checked on invoices.
  • Bills of lading that aren’t matched are examined.
  • The total of the sales order is compared to the total of the invoice.
  • Customers receive invoices for sums that have not been paid.

Payroll Control Checklist

  • A list of current employees is matched to time sheets.
  • Supervisors authorize the hours listed on time sheets.
  • Totals submitted into the payroll system are compared to totals on time sheets.
  • The payroll manager examines and approves the preliminary payroll register.
  • All payroll checks are hand-delivered to the individuals listed on the cheques.

FAQs

What are the five internal controls?

Control environment, risk assessment, control actions, information and communication, and monitoring are the five essential elements of an internal control framework.

What are the seven internal control procedures?

Separation of roles, access restrictions, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority are the seven internal control methods.

What are the six principles of internal control?

1) Establishment of responsibility, 2) Segregation of duties, 3) Documentation procedures, 4) Physical controls, 5) Independent internal verification, and 6) Human resource controls: are the six principles of control activities.

If you want to see more samples and formats, check out some control checklist samples and templates provided in the article for your reference.

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