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Internal Controls — Accounts Receivable
Ensure that appropriate records are maintained for all businesses, users of government services, and individuals or entities against whom taxes or fees are assessed.
Billing of taxes and services performed promptly and in proper amounts; self-assessed taxpayers monitored; exemptions are only provided to those authorized.
All collections are properly identified, control totals developed, and collections promptly deposited intact and applied to the proper accounts.
Billings, adjustments and collections are properly recorded in individual receivable accounts.
Revenues, collections and receivables are properly accumulated, classified and summarized in the accounts.
Government loses revenue as a result of billing errors. Eligible parties who have failed to file tax or other informational returns are not identified.
Systems may permit unauthorized removal of taxpayers or others from rolls. Employees divert revenue for personal use.
Billings are inaccurately or incompletely prepared. Sales, income and other self-assessed taxpayers may pay amounts less than required by law.
Revenue is lost due to inadequate procedures or improper accounts. The recording of cash receipts and the application of funds to the proper accounts are delayed or withheld.
Employees divert receipts for personal use.
Taxes collected by another level of government are not properly collected.
Amounts are improperly written-off and collections are diverted to personal use. Account balances are reduced by unauthorized transactions.
Cash flow from payments is delayed by late billings or deposits. Errors in transaction postings to detail or control accounts are not detected in a timely manner.
Problem accounts do not receive prompt attention, resulting in revenue or cash-flow loss.
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Fraud Risks