This checklist is designed to ensure comprehensive auditing of cash management processes within the organization. It focuses on verifying cash handling procedures, internal controls, and compliance with financial policies to maintain accuracy and prevent fraud.
Examine the documented cash handling procedures to ensure they are up to date and reflect the current practices.
Check that access to cash and cash-handling areas is restricted and monitored to authorized personnel only.
Evaluate the process for reconciling cash accounts, ensuring that discrepancies are identified and resolved promptly.
Review daily cash logs for accuracy and completeness, ensuring all cash transactions are properly recorded.
Perform unannounced cash counts to confirm that physical cash on hand matches the recorded amounts.
Assess the effectiveness and security of any electronic cash management systems in use, ensuring they are properly integrated.
Ensure all cash management activities comply with the organization's financial policies and regulatory requirements.
Gather input from staff involved in cash management to identify areas for improvement and potential risks.
Compile all findings from the audit and provide actionable recommendations for improving cash management processes.