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Manuals | March 22, 2005

Checklist for an Internal Audit

This checklist provides structured guidance to facilitate assessment of operations at a microfinance institution (MFI). Intended especially for new internal auditors, but also useful to experienced staff as a reminder of of important systems and procedures to review. The checklist is not intended to replace an MFI's own internal audit analysis. Instead, it should be adapted by its users to fit their specific processes, and updated regularly.

CONTENTS

  • Building and Premises

  • Safe

  • Cash Records

  • Appearance

  • Fixed Assets

  • Office Supplies

  • Operations Manual

  • General Ledger, Vouchers and Payments

  • Loan Disbursement

  • Loan Reimbursement

  • Monitoring Revenue and Income

  • Accrued Interest Receivable and Client Loan Records

  • Staff Discipline, Morale, Resignation and Training

  • Payroll

  • Sick and Annual Leave Records

  • Medical Coverage

  • Operational Weaknesses

  • Expenses

  • Frauds and Forgeries

  • Other Observations

  • Check on Major Balance Sheet Headings (table)

  • Important Ratios (table)