Bank Accounts
Description
Kentucky State University departments may need a depository bank account to process their revenue receipts. These accounts are recorded on the financial systems and are subject to various policies and procedures.
| Self-Assessment |
| Standard | Yes | No | N/A |
|---|
| 1 | Are there documented policies and procedures for the bank account activity? | | | |
| 2 | Have all ancillary bank accounts, i.e., off-book accounts which are not recorded on Kentucky State University’s financial system, been authorized by Finance and Business Affairs? | | | |
| 3 | Is the receipt and disbursement process designed so that at least two separate individuals see each transaction? | | | |
| 4 | Are records / journals maintained in a complete and timely manner to reflect account activity? | | | |
| 5 | Are account reconciliations performed monthly to ensure potential errors are detected and appropriate follow-up is conducted? | | | |
| 6 | Are account reconciliations performed by an individual that is not responsible for routine processing of activity? | | | |
| 7 | Are activity reports prepared routinely and provided to individuals responsible for account oversight? | | | |
| 8 | Are sufficient safeguards in place, such as positive pay, restrictions on direct debits and wire transfers, to help ensure unauthorized activity is prevented? | | | |
| 9 | Are checks secured and access to records restricted to authorized individuals? | | | |
| 10 | Are bank authorization records (e.g., signature authorization) updated as necessary? | | | |
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