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Accounting Risk Control Matrix Template


Accounting Risk Control Matrix Template


This accounting risk control matrix provides a list of risks and controls for each risk.


  • Failure to comply with state & federal financial reporting requirements
  • Failure to comply with institutional and/or state purchasing requirements
  • Failure to incorporate all revenues & expenditures in budget
  • Theft of cash and/or other operational level fraud.
  • Lack of or untimely reconciliation accounts
  • Inaccurate coding of accounting transactions
  • Lack of useful financial information for management decisions
  • Lack of insurance coverage and risk management plan.
  • Inadequate knowledge base to effectively use accounting system
  • Inadequate records management (includes retention)
  • Inadequate training & dissemination in accounting, purchasing and purchasing cards
  • Inappropriate handling of cash
  • Inappropriate reimbursements and/or payments
  • Lack of current financial information for decision making
  • Complex financial information system
  • Over or under spending of budget
  • Investment strategies and practices do not maximize return on investment or adhere to established policies and laws
  • Endowment funds are not expended in accordance with donor agreements and donor contributions are not maximized
  • Poor budgeting and planning
  • Insufficient tracking and processing of tuition and fees.
  • Inadequate disaster recovery and business continuity plans
  • Improper/Illegal use of management override in accounting systems.
  • Electronic financial management system failure.
  • Inefficient transaction reporting systems.
  • Failures in billing processes.
  • Loss of system, building and/or records.
  • Errors in the accounting system are not detected in a timely manner
  • Department funds are used for personal purposes or business related transactions that are inappropriate
  • Funds are not expended consistent with mission, objectives, and available resources.

Login to download this template and the associated controls for each risk.

Standard (Non-IT) Audit Program

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