I'm looking for information detailing procedures associated with Internal Audits involvement (if any) with the sale of a subsididary. Specifically, I'm looking for a program or other detail concerning necessary procedures (i.e. the need to count cash, verify negotiable items etc.) Any help/thoughts would be welcome.

I don't have a program or detail, however when we did this, we went over counted cash, verified cash items, brought traveler's express stock back, bank checks back and literally looked through everything there.

We also brought back teller, etc stamps, bank bags and such as that. We did not bring back "promotional" items. Most of it just boils down to common sense.

If Internal Audit is involved then I'd have expected that they'd be auditing against the contract of sale - ensuring that all assets being retained by the parent corporation were accounted for and removed from the premises being sold, and that only assets that were being sold were left behind.

I'd also make absolutely certain that the inter-co accounts were reconciled and agreed in writing by the purchaser at the point of transfer of ownership. There are few things more messy and troublesome, not least to Internal Audit, to have a subsidiary with unreconciled counterparty (ex-inter-co) accounts!