Internal Control Questionnaire—Sales Transaction Processing Assertions and Questions| Yes, No, N/A| Comments|
1.Is the credit department independent of the sales department?| Yes| Credit manager in Treasurer's office| 2.Are sales of the following types controlled by the same procedures described below? Sales to employees, COD sales, disposals of property, cash sales, and scrap sales.| N/A| | 3.Is access to sales invoice blanks restricted?| Yes| Is locked up in a closet| 4.Are pre-numbered bills of lading or other shipping documents prepared or completed in the shipping department?| Yes| Completed in the shipping department| Completeness assertion:|
5.Are sales invoice blanks pre-numbered?| Yes| |
6.Is the sequence checked for missing invoices?| N/A| | 7.Is the shipping document numerical sequence checked for missing bills of lading numbers?| N/A| | Accuracy assertion:| | |
8.Are all credit sales approved by the credit department prior to shipment?| Yes| Are filed by the credit manager| 9.Are sales prices and terms based on approved standards?| Yes| Approved price filed| 10.Are returned sales credits and other credits supported by documentation as to receipt, condition, and quantity, and approved by a responsible officer?| N/A| | 11.Are shipped quantities compared to invoice quantities?| Yes| Shipping department clerk| 12.Are sales invoices checked for error in quantities, prices, extensions and footing, and freight allowances, and checked with customers’ orders?| Yes| Accounts receivable clerk| 13.Is there an overall check on arithmetic accuracy of period sales data by a statistical or product-line analysis?| Yes| Marketing Vice President| 14.Are periodic sales data reported directly to general ledger accounting independent of accounts receivable accounting?| No| | Classification...