Checklist DB 1
[1-1] Ensure different individuals are responsible for authorizing payments, processing disbursements, and reconciling bank accounts.[2-1] Require proper authorization for all disbursements.[2-2] Ensure checks over a certain amount require dual signatures.[3-1] Maintain an approved vendor list.[3-2] Verify that payments are made only to authorized vendors.[4-1] Use pre-numbered checks and maintain records of all issued checks.[4-2] Retain supporting documentation (e.g., invoices, purchase orders) for all disbursements.[5-1] Store unused checks in a secure location.[5-2] Limit access to check stock to authorized personnel.[6-1] Cancel supporting documents after payment to prevent reuse.[6-2] Review and approve all electronic fund transfers (EFTs) before execution.[7-1] Reconcile bank statements with company records monthly.[7-2] Investigate and resolve any discrepancies promptly.[8-1] Periodically review the disbursement process by an independent person.[8-2] Conduct surprise audits of disbursement records and processes.
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