Casual Petty Cash Audit

Each petty cash fund can be set up to a maximum of 2000.

Petty cash audit. We send confirmations and vouch the outstanding reconciling items to the subsequent months bank statement. It is because of the imprest system. Frequency of Cash Count Audits.

I also confirm that all petty cash funds are kept in a secured locked box in a secure fireproof safe. Generally petty cash funds for orgs local units should be set up in amounts not to exceed 500. Background The City Charter Chapter 16 18 authorizes the Comptroller to advance petty.

The account is verified because of the potential for defalcation and the clients expectation of auditor consideration when the amount is immaterial. Petty cash audits should be conducted randomly and without notice to other employees. The audit was conducted in conformance with the International Standards for the Professional Practice of Internal Auditing issued by the Institute of Internal Auditors.

Audit Of Imprest Petty Cash. Research petty cash funds counts are mandatory for each fund based on amounts as follows. But are such procedures always adequate.

This is due to petty cash should always be the same as the prior period. Auditing cash tends to be straightforward. Keep the audit log separate from the petty cash to aid in reconciliation if the cash box is stolen.

Also it is very useful in the audit of petty cash this way. The total value of petty cash floats in circulation across the Council is 551000 across 26 different locations. Maintain clear policies and procedures governing access to petty cash and distribute these.