5.2 Cash disbursements: Internal control checklist
- Are the authorisation, processing, approval, recording and reconciliation activities clearly segregated?
- Are the persons authorised to approve expenditures clearly identified in an Authorised Signatory Limit form, and are all expenditures approved in advance by an appropriately authorised person?
- Are invoices and requests for disbursements supported by appropriate receipts or documentation that indicates receipt of the goods or services?
- Are all disbursements made by pre-numbered cheques?
- Is a record of the cash disbursement such as cheque stub, cheque copy or cash disbursement voucher kept by the person processing the cash/cash equivalent disbursement?
- Does a disbursement list accompany the cheques for signature?
- Is cheque signing authority vested in persons at the appropriate level within the financial administration?
- Do cash/cash equivalent disbursements over USD5,000 require two signatures?
- Is the number of authorised signatures limited to a minimum practical number?
- Does the person signing the cash/cash equivalent disbursement review and initial the supporting documentation that indicates completeness and appropriate approval, and compare them to disbursement voucher amounts?