Tip: Conduct an audit to verify cash deposits
Healthcare Auditing Weekly, June 12, 2007
There are several steps auditors should take to ensure petty cash is handled properly. Use the following steps to successfully verify and audit cash deposits:
- 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
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