SUSPENSE ACCOUNTS: ANNEX 1
REVIEW OF SUSPENSE ACCOUNTS CHECKLIST: SUSPENSE
ACCOUNT MANAGER
Account Name:
Account Code:
| Quarterly | Qtr 1 | Qtr 2 | Qtr 3 |
1. Is there a continuing need for this
account and is its purpose clear? | Yes/No | Yes/No | Yes/No |
2. Is the account still being used for
its original purpose? | Yes/No | Yes/No | Yes/No |
3. Can individual debtors and creditors
making up the total balance be separately
identified from SEAS reports or
otherwise? | Yes/No | Yes/No | Yes/No |
4. Has action been taken to clear any
inappropriate entries? | Yes/No | Yes/No | Yes/No |
5. Are balances regularly cleared? | Yes/No | Yes/No | Yes/No |
6. Has the balance changed within the
last 3 months? | Yes/No | Yes/No | Yes/No |
| 7. If "no", is retention of the balance in
suspense considered to be justified? | Yes/No | Yes/No | Yes/No |
Completed by .......... ......... ........
Year-end
8. Have desk instructions been reviewed
and, if necessary, up-dated during the
year? | Yes/No |
| 9. Have all balances been reviewed and, so
far as possible, charged to appropriate account
codes? | 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 on: 22nd March 2002