SUSPENSE ACCOUNTS: ANNEX 2 REVIEW OF SUSPENSE ACCOUNTS CHECKLIST: FINANCE TEAM Account Name:
Account Code: | During the year | | 1. Have all suspense accounts been approved by the Finance Team 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 Published / Updated: June 2009 |