Top 15 questions regarding general financial controls

Financial controls

Top 15 questions to ask yourself regarding general financial controls in your business

  1. Do you use a chart of accounts?
  2. Is your chart of accounts detailed enough to give adequate management information?
  3. Is a double entry bookkeeping system used?
  4. Do you use journal vouchers to record your journals?
  5. Is there a review and approval process around recording and posting journals?
  6. Do you have a budgeting forecasting process in place?
  7. Do you conduct regular variance analysis checks? How do your actual results compare to your actual results?
  8. Do you understand your financial statements?
  9. Are comparative financial statements used
  10. Is financial information produced regularly?
  11. Are reconciliation of your accounts prepared?
  12. Are reasonable due dates imposed for the preparation of financial information?
  13. Are the storage facilities safe from fire and other risks?
  14. Do you have adequate insurance cover?
  15. Is a record retention schedule used?