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Bank and Cash (Controls (Controls over cash, Controls over bank, Basic…
Bank and Cash
Controls
Controls over cash
Controls over bank
Basic Controls
Balances
Bank
petty cash floats
till floats
overdraft
unbanked receipts
physical notes and coins
traveler's cheques
Cash
imprest bank account
branches
investment/deposit accounts
current/cheque accounts
trust accounts
Off shore accounts
Bank Controls
Bank account reconciled with cash book every month
EFT PAYMENTS
multi level passowords
access limited to one computer
shut down after 3 unsuccessful access attempts
AFTER PAYMENT
audit trail
bank statement
bank recon
Cash controls
Controls over cash
cashier must balance cash on a daily basis and record it in a cash receipt summary.
every cashier responsible for own funds
cash register locked during lunch
supervision over cashiers
Petty Cash
banked as soon as possible. (next day/twice a day)
Petty cash controls
physical safekeeping of petty cash
one person responsible
Limit fund amount in petty cash
Define type of expenditure allowed
payments must be approved
Risks
lapping
kitting