Bank & Cash

Notes

Bank & Cash

OBJECTIVE CONTROL PROCEDURES TESTS OF CONTROL
Cash amounts should be safeguarded Cash should be locked in safe.

Access to cash restricted.

Security movements for large amounts.

Banking times/routes varied.
Perform surprise cash count.

Ensure only authorised staff have access to cash.

Check sequential numbering of cash receipts.

Check mail is opened by two members of staff to reduce the chance of fraud.
Cash held at premises is kept to a minimum Cash should be banked regularly.

Cash balances in tills should be emptied regularly
Check all cash lodged intact to bank regularly.

All lodgements are authorised.

Examine bank reconciliations and ensure regularly performed.

Investigate old outstanding items.
Amounts can only be extracted from bank accounts for authorised purposes. Limited number of authorised signatories.

Banking online should have restricted access.

Cheques should not be signed in advance.

Cheque books should be kept under lock and key.
Cheque book should be reviewed to ensure no cheques are missing and no cheques are signed in advance.

Verify that cash payments are arithmetically correct.

Direct debits should be consistent and authorised.

Petty cash balances should be counted and checks made that controls are in place over petty cash.
Notes