Documents for Business
In excess of 1,000 customisable documents covering every conceivable business issue.Introduction to this document
Cash control checklist
Over the last few years there have been a number of high profile company fraud cases. How do you reassure your MD that your company will not fall victim to an internal fraud on your watch?
Five fundamentals
The five things you can implement to help ensure your company is protected against this type of risk are:
- Responsibility. Make it clear who is responsible for each part of the cash handling process.
- Segregation. Ensure there is proper segregation of duties.
- Documentation. Implement and monitor proper documentation procedures.
- Safes and passwords. Put in place physical, mechanical and electronic controls over cash. For example: Physical. Keep petty cash in a locked box or safe; Mechanical. Bank cash receipts daily; Electronic. Bank account passwords should never be divulged to anyone who does not have responsibility for the bank reconciliation or online payment function. Have a formal policy stating that passwords should also not be written down and electronic keys should not be shared between staff members.
- Verification. You should carry out spot checks to verify cash movements and balances.
Use our Cash Control Checklist to demonstrate the steps you intend to take.
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