Internal Control Templates

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Internal Control Checklist and Questionnaires

The internal control procedures templates are included in the Accounting and Management Template Library or licensed separately. This manual includes an 8 page Internal Control Policy, Audit Committee responsibility Descriptions, and our database of over 1,000 internal controls covering both entity level controls and accounting controls. Use the Copedia Internal Controls to to develop internal control checklists and questionnaires covering Assets, A/P, A/R, Cash, Checks, Financial Reporting, Job Costing, Marketing/Customers, Data Integrity, Payroll and HR, Project Management, Purchasing, Receiving and Warehousing, Safety, Sales and Estimating, Retail, the Control Environment, Control Activities, Risk Assessment, Information and Communications, and Control Monitoring.

Our internal controls for nonprofit organizations include templates for grants covering allowable costs, program income, property and equipment acquisition, matching, procurement, reporting, contributions, donations, and funds availability. Also included in our nonprofit internal controls are detailed donation collection and cash handling procedures for events and churches.

The internal controls are delivered in both text and spreadsheet formats so you can easily develop and print internal control checklists and questionnaires. You can also use the spreadsheets to evaluate compliance with your internal control system for reporting to governing authorities.

The internal controls are structured to help entities comply with SOX and other government audits. Use the Copedia Internal Control Assessment Tool and the Copedia Quarterly Internal Control Reports to demonstrate compliance.

Our internal control templates are used by entities for both hard and soft compliance. If your organization needs Sarbox compliance, you will need our Sox 404 Lite template set in addition to our internal control manual. Learn more about our Sox Compliance Tools - Copedia Sarbanes Oxley Compliance Tools.

SOX 404 Lite is our template set for small public companies needing SEC compliance with section 404(a) of the Sarbanes-Oxley Act of 2002.

Following are examples from the Copedia internal controls module. First, a screen shot from the Internal Control Assessment Spreadsheet and second, an example of Asset controls in text format:

Internal Control of Assets

Division of Duties

The person responsible for recording fixed assets does not make general ledger entries

The reconciliation of the Fixed Asset detail accounts with the fixed asset control accounts and making entries into the fixed asset software are separate

The custodian of the fixed assets and the taking of physical inventory are separate

The person responsible for tagging fixed assets is not the fixed asset custodian

The person responsible for locating missing fixed assets is not the fixed asset custodian

Capital asset purchases require authorization

Asset disposals require authorization

General Asset Controls

There are written procedures for purchasing, receiving, recording assets, and inventory management

Asset records properly classify and identify the assets

Assets are tagged when received

Physical asset inventories are actually performed

Physical inventories of assets are performed when transition of employee asset custodians occurs

Missing assets are logged in a missing asset log

Documentation is prepared when assets are received, sold, moved, transferred, damaged, or disposed of

Asset reconciliations are actually performed

Asset additions are properly valued

Asset capitalization includes costs required to place the asset in service including (direct costs, preparation costs, fees, damages, interest, etc.)

Assets gains and losses are properly recorded

Assets are adequately insured

Also includes our Internal Control Policy:

Plus, includes all the entity level controls and financial internal controls:

Sarbanes-Oxley Act Compliance

All entities that plan to comply need an internal control checklist. Includes our Sarbanes Oxley Act compliance analysis tools and checklists.

Internal Control - Accounts Payable and Cash Disbursements

A control template covering purchasing, receiving, accounts payable, and disbursement cycle controls.

Internal Control - Accounts Receivable and Revenue

A control template covering all Revenue and AR activities including collections and write-offs.

Internal Control Evaluation Tools

Internal Control - Cash

Covers your internal control over cash handling, cash disbursements, and cash receipts.

Internal Control - Payroll and HR

Covers internal controls relating to the employment relationship.

Internal Control - Sales and Estimating

Covers control measures for summary and detail information, sales analysis, and forecasting.

Internal Control - Project Management

Includes project planning, Purchases, Contract Changes and Modification, Project Costing and Reporting, and Billings. A must have for project related businesses.

Audit Committee

Covers the audit committee and its function. Required for SOX compliance.

In Summary:

The internal controls system is included with the Copedia Accounting and Management Template Library, licensed separately, or implemented with our SOX 404 Lite compliance solutions.