Chapter 10
Cash and bank system:
General weaknesses in cash and bank system:
1. No physical controls over cash which means that cash in not kept in safe deposit
box/locker or vault
2. Cash is not insured
3. Cash is not banked timely
4. Cash is not banked by a single person who is authorised it can be banked by anyone
5. Bank reconciliations not being done on a timely basis or not being approved
6. Petty cash vouchers not approved
7. Petty cash vouchers not having support documents
8. No segregation of duties
9. Cash book not being updated on a timely basis
10. No regular or surprise cash count
11. Petty cash limit exceeding average monthly petty cash balance
Cash and bank system:
General weaknesses in cash and bank system:
1. No physical controls over cash which means that cash in not kept in safe deposit
box/locker or vault
2. Cash is not insured
3. Cash is not banked timely
4. Cash is not banked by a single person who is authorised it can be banked by anyone
5. Bank reconciliations not being done on a timely basis or not being approved
6. Petty cash vouchers not approved
7. Petty cash vouchers not having support documents
8. No segregation of duties
9. Cash book not being updated on a timely basis
10. No regular or surprise cash count
11. Petty cash limit exceeding average monthly petty cash balance
