internal control self-assessment form - Federal Transit Administration

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FIXED ASSETS YES NO N/A 4. Are perpetual inventory records maintained for supplies and spare parts? ____ ____ ____ 5. Do the perpetual records show: a. Quantities? ____ ____ ____ b. Unit costs? ____ ____ ____ c. Aggregate dollar values? ____ ____ ____ 6. Are the perpetual records kept by employees who have no access to the spare parts inventory? ____ ____ ____ 7. Are perpetual inventory records checked regularly by cycle counts? If yes: ____ ____ ____ a. Are all classes of inventory subjected to cycle counts? ____ ____ ____ b. Are significant differences between cycle counts and perpetual records investigated and reconciled? ____ ____ ____ c. Are inventory adjustments documented and do they require management approval? ____ ____ ____ 8. Are full inventories of spare parts taken at the end of the fiscal year? ____ ____ ____ 9. Are significant differences between physical counts and perpetual records investigated promptly? ____ ____ ____ 10. Are perpetual records reconciled periodically to the controlling accounts in the general ledger? ____ ____ ____ 11. Are perpetual records adjusted to physical inventory counts at least once a year, and are adjustments to the inventory records approved by a responsible employee? ____ ____ ____ 12. Are written instructions and procedures followed for inventory counts, and is compliance with them checked? ____ ____ ____ 13. Are inventory counts supervised by qualified persons following the written instructions and procedures? ____ ____ ____ 24 Internal Control Self-Assessment Form
FIXED ASSETS YES NO N/A 14. Are priced inventory sheets numerically controlled and verified as to: a. Quantities? ____ ____ ____ b. Unit cost? ____ ____ ____ c. Extensions and footings? ____ ____ ____ 15. Are costs, extensions, and footings of the inventory listings verified by a second person? ____ ____ ____ 16. Are spare parts inventory adjustments documented, and do they require management approval? ____ ____ ____ PROCUREMENT YES NO N/A Assessment of Need 1. Does the agency have a written Procurement Manual? If yes: ____ ____ ____ a. Does it conform to FTA's procurement regulations? ____ ____ ____ 2. Does the agency have a procurement department? If yes: ____ ____ ____ a. Is it independent of the accounting/finance and receiving departments? ____ ____ ____ 3. Are departments other than the agency's procurement department authorized to make purchases? If yes: ____ ____ ____ a. Are there procedures in place to control these purchases? ____ ____ ____ b. Are dollar limits established for these departments? ____ ____ ____ c. Are purchases made by other departments reviewed by the procurement department for appropriateness, availability of funds, and to avoid purchase of unnecessary or duplicative items? ____ ____ ____ 4. Are proposed procurements made only after the respective department heads sign off on purchase requisitions? ____ ____ ____ 25 Internal Control Self-Assessment Form
Page 1 and 2: INTERNAL CONTROL SELF-ASSESSMENT FO
Page 3 and 4: YES NO N/A 8. Does agency managemen
Page 5 and 6: YES NO N/A c. Does the board or com
Page 9 and 10: YES NO N/A 8. Has management establ
Page 13 and 14: YES NO N/A 7. Does the agency have
Page 15 and 16: CASH MANAGEMENT YES NO N/A 9. Do ca
Page 17 and 18: CASH MANAGEMENT YES NO N/A Fare Rev
Page 19 and 20: CASH MANAGEMENT YES NO N/A 11. Is t
Page 21 and 22: FIXED ASSETS YES NO N/A Recording 1
Page 23: FIXED ASSETS YES NO N/A 5. Are ther
Page 27 and 28: PROCUREMENT YES NO N/A 7. Is a list
Page 29 and 30: ACCOUNTS PAYABLE YES NO N/A 1. Does
Page 31 and 32: ACCOUNTS PAYABLE YES NO N/A 19. Doe
Page 33 and 34: PAYROLL YES NO N/A a. The payroll d
Page 35 and 36: PAYROLL YES NO N/A Force Account La
Page 37 and 38: OVERHEAD YES NO N/A 3. Do procedure
Page 39 and 40: BUDGET CONTROLS YES NO N/A 3. Are s
Page 41 and 42: GRANTS MANAGEMENT YES NO N/A c. Are
Page 43 and 44: PROJECT MANAGEMENT YES NO N/A d. Is
Page 45 and 46: IT CONTROLS YES NO N/A b. User revi
Page 47: IT CONTROLS YES NO N/A a. Does the

internal control self-assessment form - Federal Transit Administration

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