Scottish Public Finance Manual

The Scottish Public Finance Manual (SPFM) is issued by the Scottish Ministers to provide guidance on the proper handling and reporting of public funds.


Annex 2: suspense account finance checklist

Review of suspense accounts checklist: finance

Account Name:
Account Code:

 

During the year

 

1. Have all suspense accounts been approved by the relevant finance area and has ownership been clearly established?

Yes/No

2. Have the full facilities of SEAS been considered in tackling the business requirement?

Yes/No

3. Do branch instructions cover the use and control of suspense accounts and are they up-to-date?

Yes/No

4. Have suspense account balances been reviewed quarterly using the checklist at Annex 1?

Yes/No

5. Has action been taken on "no" answers in that checklist?

Yes/No

Completed by

................

Year-end

6. Has the appropriate approval been obtained for any writes-off in the year?

Yes/No

7. Have explanations been provided for any balances?

Yes/No

8. Is the retention of any balances justified?

Yes/No

9. Has proper action been taken to close suspense accounts where appropriate?

Yes/No

10. Are any balances on suspense accounts consistent with the nature and volume of business?

Yes/No
Completed by ................

A "No" answer implies that action needs to be taken to correct a control weakness. Proposals for such action should be considered and, where appropriate, implemented each time this checklist is completed.

Page Updated: January 2019

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