Petty Cash Process
Petty Cash System Review (last 12 months)
|Issue / Potential for Fraud |Fraud Rating |Date Incident Occurred |Notes |
|No policy or procedures written up.|1 |Listed in the breakdowns below. |Many of the incidents or potential for fraud could be eliminated if there were documented |
| | | |policies and procedures. |
| | | |Zoe is in charge of the petty cash for the whole company, each claim must be supported by |
| | | |a receipt. This is about the only information available in regards to petty cash. |
|Cash Security and Staff Safety |2 |There is a potential for money to be stolen from John, |Every Monday, John collects £8,000 in cash from the office and delivers it to 8 sites. |
| | |and also the office could be broken into. |This is a large amount of money for him to be carrying around on a regular basis. |
| | |In July, John puts remaining money in his drawer but it|Similarly with Fridays, when the remaining float and receipts are passed back to John |
| | |is £400 short. |these usually just get locked in a draw. Similarly with Payroll, why is there no safe |
| | | |within the office for such amounts of cash.
|Issue / Potential for Fraud |Fraud Rating |Date Incident Occurred |Notes |
|No policy or procedures written up.|1 |Listed in the breakdowns below. |Many of the incidents or potential for fraud could be eliminated if there were documented |
| | | |policies and procedures. |
| | | |Zoe is in charge of the petty cash for the whole company, each claim must be supported by |
| | | |a receipt. This is about the only information available in regards to petty cash. |
|Cash Security and Staff Safety |2 |There is a potential for money to be stolen from John, |Every Monday, John collects £8,000 in cash from the office and delivers it to 8 sites. |
| | |and also the office could be broken into. |This is a large amount of money for him to be carrying around on a regular basis. |
| | |In July, John puts remaining money in his drawer but it|Similarly with Fridays, when the remaining float and receipts are passed back to John |
| | |is £400 short. |these usually just get locked in a draw. Similarly with Payroll, why is there no safe |
| | | |within the office for such amounts of cash.