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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