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Finacial controls checklist

Are segregation of duties maintained for financial transactions?

Are proper authorization procedures in place for financial transactions?

Is there a system for monitoring and reviewing financial transactions?

Are physical controls in place to safeguard assets?

Are financial reports regularly reviewed by management?

Are financial transactions in compliance with relevant laws and regulations?

Are financial policies and procedures documented and communicated to employees?

Are there procedures in place to monitor compliance with financial policies and procedures?

Are financial audits conducted regularly to ensure compliance?

Is there a process in place to identify and assess financial risks?

Are controls in place to mitigate financial risks?

Is there a contingency plan in place for financial emergencies?

Are financial performance indicators monitored regularly to assess risk levels?

Are financial systems and data protected from unauthorized access?

Is there a process in place to regularly backup financial data?

Are there controls in place to ensure the accuracy and integrity of financial data?

Are employees trained on IT security best practices?

Are there procedures in place to detect and prevent fraud in financial transactions?

Are employees trained on recognizing and reporting potential fraud?

Is there a whistleblower policy in place for reporting suspected fraud?

Are fraud risk assessments conducted regularly?

Is there a process in place to regularly review and update financial controls?

Are feedback and suggestions from employees considered for improving financial controls?

Are there mechanisms in place to learn from financial control failures and prevent recurrence?

Is there a culture of continuous improvement in financial control practices?

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