Record Keeping

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General Information

  • A copy of your Chart of Accounts and most recent year end Trial Balance
  • Location of Head Office and books and records
  • Foreign vendor listing
  • Specified samples of 1 to 25 import entries and documentation, including Purchase Order, Commercial Invoice, Packing Slip, Certificate of Origin (if applicable), Receiving Record, Proof of Payment, Quantity ordered, Freight Bill or contracts and Bill of Lading
  • Description of how files are generally maintained within the company
  • Length of time and Location that files are retained
  • Procedures in place to adjust entries with respect to valuation, classification, overages, shortages, etc.

Purchasing

  • How are Purchase Orders generated (manually, electronically, etc.)?
  • How are they numbered (manually, electronically, consecutively, by department)
  • Are Purchase Orders issued in all instances?
  • Can domestic orders be distinguished from foreign orders within the purchasing system? Are the procedures the same for domestic and foreign orders? How are they distinguished?
  • Who is responsible for issuing Purchase Orders? For adjustments to Purchase Orders?
  • Are blanket Purchase Orders issued? Describe the process.
  • How are spoiled Purchase Orders handled?
  • Are all Purchase Orders closed within the fiscal year?
  • What is the retention period for Purchase Orders?
  • Do you have an electronic Master Vendor file?
  • Do you have an electronic Parts or Product List?
  • Do you have a Purchasing Procedures Manual? When was it last updated?
  • Is the Purchasing System linked to other Departments (Receiving, Accounting)? Provide specifics and a flow chart if possible.
  • Fully describe all internal controls relating to the Purchasing system.
  • Are there any existing controls to ensure that all receipt of foreign goods/importations are reported to Canada Customs? Please describe.
  • Is there a written procedures manual? If so, when was it last updated?
  • Is the accounting system linked to any other areas (i.e. Purchasing or Receiving)? If so, please provide details and a flow chart if possible.