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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
Thread Title: Unrecorded bank accounts
Created On Tuesday November 20, 2012 12:46 PM
  Unrecorded bank accounts
  Unrecorded bank accounts


byrdjh


Posts: 14
Joined: Jun 2008

Tuesday November 20, 2012 12:46 PM

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Would anyone have a work program regarding unrecorded bank accounts? We did this a few years ago and basically sent out confirmations/requests to all the banks where we did not have accounts in the area and asked if they had any accounts in our company's name.

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Paul_M


Posts: 102
Joined: Apr 2003

Wednesday November 21, 2012 10:19 AM

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I don't have a formal program, but here is a quick list of things to look at to get you started:

  • Look at bank account setup in ERP system –which bank are disbursements drawn on, is there more than one?
  • Ask Accounting and Treasury for a list of all bank accounts and investment accounts, then compare the lists.
  • Compare Treasury system to the general ledger, if separate.
  • Look at sources of cash receipts. Where are funds being deposited?
  • Look at payment instructions on invoices to your customers. What bank are payments being directed to?
  • Ask Collections Dept. which bank they tell customers to make payments to.
  • Look at sources of interest income in the general ledger.
  • Look at bank fees in the general ledger.
  • Review wire transfer templates to examine which bank the wires are made from. Test outgoing wires to ensure they are going for valid payments to vendors. Test incoming wires to ensure they are receipts from valid customers.
  • Review segregation of duties.


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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
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