risk assessment checklist - receiving - first · pdf filerisk assessment checklist - receiving...

Risk assessment checklist - Receiving

Risk assessment tools for effective internal controls - a Compliance and Best Practices Guide from First Reference Inc.© 2008-2010 First Reference Inc. All Rights Reserved. 1

Check “Yes” or “No” or “N/A” (where not applicable). Where a No is indicated, some action may be required to rectify the situation. Cross-references (e.g., See FN 1.01) point to the relevant policy in the First Reference Internal Control Library. FN = Finance & Accounting PolicyPro, Volume 1; GV = Finance & Accounting Policy-Pro, Volume 2; OP = OMPP policies in FAPP electronic version; IT = Information Technology PolicyPro; NP = Not-for-Profit PolicyPro.

Receiving risks to consider Yes No N/A Comments / Action Required

Rec1 Do you specify, plan and schedule what ma-terials are needed and when they are needed? See OP 2.01, 4.02, 4.03; see also FN 3.01, 3.02, 3.03, 3.06

Rec 2 Do you communicate all plans and schedules to inbound activities? See OP 4.02, 4.03

Rec3 Do you summarize material requirements and submit them to receiving periodically? See FN 3.01, 3.02, 3.03, 3.06

Rec4 Do you maintain material routing procedures for received items? See FN 3.01, 3.02, 3.03, 3.06

Rec5 Do you provide inbound activities with non-routine material routing instructions? See FN 3.01, 3.02, 3.03, 3.06

Rec6 Do you monitor production problems due to unavailable materials and parts? See FN 3.01, 3.02, 3.03, 3.06

Rec7 Have you considered implementing just-in-time or similar inventory and production management philosophy? See FN 3.01, 3.02, 3.03, 3.06

Rec8 Do you have procedures for promptly updat-ing inventory records? See FN 3.01, 3.02, 3.03

Rec9 Do you match dates on receiving information and inventory information and follow up as appropriate? See OP 2.01

Rec10 Do you periodically verify that prenumbered receiving documents have been entered in the information system?

Rec11 Are missing purchase orders investigated? See FN 2.06




Rec12 Do you maintain open purchase order infor-mation so that purchase orders remaining unfilled past the due date can be investigated? See FN 2.06

Rec13 Is due date information included in purchase orders? See FN 2.06

Rec14 Are missing receiving reports and shipping records investigated? See OP 2.01; see also FN 2.06

Rec15 Do you compare materials received, including verification of quantities received, to properly approved purchase orders? See OP 2.01

Rec16 Do you refuse to accept materials not properly ordered? See OP 2.01

Rec17 Do you monitor instances of invoices present-ed for payment when materials were accepted without a valid purchase order? See OP 2.01

Rec18 Are purchase order specifications clear? See OP 2.02, 4.03

Rec19 Do you maintain current lists of specifications to be used in inspecting and testing goods? See OP 2.02

Rec20 Do you verify specifications with purchasing or other appropriate personnel? See OP 2.02

Rec21 Do you monitor production problems related to substandard materials (performance indica-tor)? See OP 4.03; see also FN 3.06

Rec22 Do you establish testing procedures, as appro-priate, for all materials ordered? See OP 2.02

Rec23 Do you require appropriate documentation of materials transferred from receiving to other business activities? See OP 2.01

Rec24 Do you investigate missing transfer docu-ments? See OP 2.01

Rec25 Do you periodically count materials on hand and reconcile with perpetual records and in-vestigate any differences (performance indica-tor). See FN 3.04




Rec26 Do you maintain physical security over goods received? Do you segregate custodial and record-keeping functions See OP 2.04; see also FN 3.01, 3.02, 3.03, 3.04

Rec27 Do you promptly investigate missing receiving documents? See FN 3.01, 3.02, 3.03, 3.04

Rec28 Do you periodically identify and investigate open purchase orders? See FN 3.01, 3.02, 3.03, 3.04

Rec29 Do you periodically count inventory and reconcile with perpetual inventory records; investigate differences (performance indica-tor)? See FN 3.04

Rec30 Do you periodically ensure that receiving information is entered in the information sys-tem accurately, and in a timely fashion?

Rec31 Do you maintain procedures to insure that received items are inspected completely and in a timely fashion? See OP 2.02, 2.03

Rec32 Are items transferred to/from storage accom-panied by complete and accurate information? See OP 2.04, 2.09; see also FN 3.02, 3.03

Rec33 Do you investigate missing transfer docu-ments? SeeOP2.04, see also FN 3.01, 3.02, 3.03, 3.04

Rec34 Do you periodically count materials and rec-oncile with perpetual records and investigate differences (performance indicator)? See FN 3.04

Rec35 Do you transfer goods to operation only with a properly approved requisition? See OP2.05, 2.04

Rec36 Do you investigate missing requisitions? See FN 3.01, 3.02, 3.03

Rec37 Do you verify that material received complies with approved requisition? See OP 2.05, 2.01

Rec38 Do you specify shipment mode and delivery date on purchase orders? See FN 2.06




Rec39 Do you maintain relevant workplace health and safety policies and monitor compliance? See OP 2.05, 2.05; see also Human Resources PolicyPro

Rec40 Do you follow up on reported safety concerns? See OP 3.02; see also Human Resources Pol-icyPro

Rec41 Do you maintain appropriate procedures for handling and storing hazardous materials? See OP 5.01,5.02

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