Corporate Compliance

Conduct an audit to verify cash deposits

Healthcare Auditing Weekly, April 5, 2005

Last week, we reviewed the steps auditors should take to ensure the proper handling of petty cash. This week, we'll go over how to verify cash deposits. Take the following steps for a successful audit:

  • Compare the deposit slip to the bank statement

  • Determine whether the day's cash receipts were posted to the cash receipts journal

  • Review the bank reconciliations to determine whether reconciliation duties are properly segregated and reconciliations are performed in a timely manner

  • Follow up on discrepancies with management personnel who are not involved in handling the deposit

  • Review the bank statement to determine whether cash deposits are made daily

    The above tip is an excerpt from the book "Hospital Auditing and Monitoring: Sample Programs for Key Risk Areas." Copyright 2004 by HCPro, Inc. This book is a step-by-step, practical manual that offers sample audit programs for the most troublesome areas that a hospital must audit. The binder and CD-ROM are filled with actual audit programs used by auditors and compliance officers in the field. Click here for more information or to order your copy today.

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