Audits

1. Are credit and collection policies properly approved and in writing?
   
   
2. Are accounts receivables maintained independently of cash receipts and disbursements functions?
   
   
3. Are non-cash credits, bad debt write-offs, credit memos and allowances approved independently of processing, recording and collecting the charge?
   
   
4. Is the total of the individual accounts independently reconciled at least monthly with the control account(s)?
   
   
5. Are accounts aged periodically?
   
   
6. Are aged accounts reviewed by a responsible official?
   
   
7. Are charge documents controlled and properly accounted for?
   
   
8. Are valid receivables, such as freight damage, shortages, returned merchandise, and expenditures under cost reimbursement contracts, promptly recorded?
   
   
9. Are all claims for such items as freight damage, shortages, and unsatisfactory merchandise:
   
   
   • Recorded on the books or otherwise controlled as soon as the claims are prepared for filing?
     
     
   • Billed currently?
     
     
10. Do adequate procedures exist for follow-up and collection of delinquent accounts?
    
    
11. Are appropriate measures in force to insure prompt collection of employee and student accounts receivables?
    
    
12. Are accounts receivable balances independently confirmed on a periodic basis?
    
    
13. Are there controls to insure that individuals with delinquent accounts are precluded from receiving additional credit?
    
    
14. Are credit balances reviewed periodically?
    
    
15. Is there adequate control over the mailing of statements to prevent interception prior to mailing?
    
    
16. Are disputed liabilities handled by person(s) other than those receiving payment?