Self Assessment of Internal Control Questionnaire (Excel / PDF)
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| Objectives | Risks |
|---|---|
| All transactions are approved by authorized individuals. | Purchase unauthorized materials acquired in excess of need, at inappropriate prices, or on unfavorable terms. |
| All inventory items are subject to effective custodial accountability procedures and physical safeguards. | Theft by employees or outsiders; inadequate insurance coverage. |
| All receipts and withdrawals of inventory are properly recorded and the records reflect actual quantities on hand. | No basis for comparing actual usage with expected usage; inability to determine material reorder points. |
| All transactions are properly accumulated, classified and summarized in the accounts. | Misstated financial statements; concealment of shortages. |