 | | Are rolling forecasts deployed throughout your company by business unit or |
| | department?
|
| | Are key measures delivered to operational managers daily, weekly, or monthly?
|
| | How are off-balance-sheet transactions and commitments tracked and reported?
|
| | How are manual entries identified and approved?
|
| | Do transactional reporting systems have agent-based alerts?
|
| | Do you forecast your business based on cash flow drivers?
|
| | Do reporting systems flag reserves and other estimated accounts?
|
| | Are accounting activities performed on spreadsheets?
|
| | How many different systems are involved in the financial statement development |
| | process?
|
| | What best describes your IT capabilities related to financial transaction |
| | processing?
|
| | Does your company have the ability to determine profitability by using "what if" |
| | analysis?
|
| | Are internal control reviews incorporated into all new system implementations?
|
| | How long does it take corporate reporting to create the management package?
|
| | Are the following categories of non-financial drivers measured: leadership, |
| | communication, brand equity, reputation, network alliances, technology, human
capital, culture, innovation, intellectual capital, adaptability?
|
| | What record retention controls are in place to avoid tampering with data?
|
| | Are documents backed up periodically to ensure reports and information are |
| | maintained?
|
| | Do your reporting systems trace back to the general ledger?
|
| | How much time is spent compiling data, and the financial statements, versus |
| | analyzing that data?
|
| | Are consolidation and reporting activities performed on spreadsheets?
|
| | Do sales systems flag sales volumes over selected limits?
|
| | Does the company have a retention policy for electronic media?
|
| | How often does your company back up it's data?
|
| | Does each operating unit possess financial models for key drivers of their |
| | business?
|
| | Is there a significant difference between financial statements depending on timing |
| | and system batch processes?
|
| | What procedures are in place to detect and prevent fraud?
|
| | Have systems been updated to identify new responsibilities under Sarbanes- |
| | Oxley?
|
| | How often is control documentation updated for new changes to internal controls?
|
| | How ofter are internal accounting policies and procedures updated to stay in tune |
| | with GAAP?
|
| | Are payments to external auditing firms monitored through transactional flags on |
| | purchase orders, check requests, or other means within the system?
|
| | How many tools are used in the forecasting process?
|
| | How many tools are used in the budgeting process and is it automated?
|
| | Is cash flow from operations and generally accepted accounting principles (GAAP) |
| | cash flow automatically calculated?
|
| | Are tax reporting systems integrated with the companies consolidation system?
|
| | How may top-side adjustments are made during the consolidation process?
|
| | Are controls in place to ensure that off-balance-sheet items are properly approved?
|
| | Are earnings forecasts tied to predictive models?
|
| | Are variances between forecast and actuals reviewed and causes identified?
|
| | Is a standard chart of accounts used across the company?
|
| | How long does it take your company to get results from operations?
|
| | Has your company identified high risk areas where fraud may occur and developed |
| | controls to prevent it?
|
| | How long does it take your firm to develop ad hoc reports?
|
| | Does your company model the sensitivity of your off-balance-sheet commitments |
| | pertaining to swaps, foreign exchange risk, and purchase commitments?
|
| | Have financial models been created for all high-risk operations?
|
| | How many control weakness have there been to the financial statement controls in |
| | the past six months?
|
| | Are IRS and other data retention requirements being met?
|
| | Is your starting point for your tax return GAAP audited financial statements?
|
| | Are there flags in place to alert key management of specific transactions taking |
| | place in the company?
|
| | What controls are in place to detect wire and mail fraud? |
| | |
