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Bank and cash controls Control objectives in audit

Bank and cash controls Control objectives ● That money is not stolen ● That money received is paid into company bank accounts quickly ● That payments are for genuine business purposes. Control procedures ● Money on company premises kept in a safe ● Where there are tills, these are: o Kept locked when no staff are present o Have prices of products pre-programmed o Only accessible to someone with a key, or a personalised swipe card o
● Money taken to bank using security vans, which do not always take the same route on the same day of the week ● List of approved signatures for each bank account ● Regular bank reconciliations ● Cash receipts recorded immediately, and compared with date cash arrives in bank account ● Payments above a minimum figure require 2 signatures. Reconciled daily (till record v actual cash in till)

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