Annex 2: suspense account finance checklist
Review of suspense accounts checklist: finance
Account Name:
Account Code:
During the year |
|
| 1. Have all suspense accounts been approved by the relevant finance area and has ownership been clearly established? |
Yes/No |
| 2. Have the full facilities of SEAS been considered in tackling the business requirement? |
Yes/No |
| 3. Do branch instructions cover the use and control of suspense accounts and are they up-to-date? |
Yes/No |
| 4. Have suspense account balances been reviewed quarterly using the checklist at Annex 1? |
Yes/No |
| 5. Has action been taken on "no" answers in that checklist? |
Yes/No |
| Completed by |
................ |
Year-end
| 6. Has the appropriate approval been obtained for any writes-off in the year? |
Yes/No |
| 7. Have explanations been provided for any balances? |
Yes/No |
| 8. Is the retention of any balances justified? |
Yes/No |
| 9. Has proper action been taken to close suspense accounts where appropriate? |
Yes/No |
| 10. Are any balances on suspense accounts consistent with the nature and volume of business? |
Yes/No |
| Completed by | ................ |
A "No" answer implies that action needs to be taken to correct a control weakness. Proposals for such action should be considered and, where appropriate, implemented each time this checklist is completed.
Page Updated: January 2019