Indicators – Cash Receipts

Fraud Risks and Prevention Indicators

Cash Receipts

Risks

  • Theft of money

Causes

  • Inadequate supervision
  • Poor segregation of duties
  • Inadequate training of staff
  • Use of common registers, drawers etc among staff
  • Large amount of cash kept on hand – infrequent banking
  • Poor banking procedures
  • Poor cash handling and reconciliation procedures

Prevention Measures

  • Monitor the number and regularity of ‘No Sales’ transactions on cash register
  • Employees operating with an open cash register
  • Cashiers operate their own float and balance when undertaking duties
  • Knowledge of safe combination to be limited to only a few people at each location
  • Safes to be locked when not in use and located out of public view
  • A log book be maintained recording all transactions to and from safes
  • Regular depositing of cash receipts into safes
  • Daily banking of takings
  • Regularly review extent and nature of cash shortages and report instances where satisfactory explanations are not available
  • Regularly check bank deposits with cash register totals
  • Banking be conducted by two employees

 

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