About Lesson
Remember, safeguarding of assets is a key control objective.
1.Petty cash needs to be locked away and access should be limited to only one individual.
2.There should be strict guidelines surrounding the use and disbursement of petty cash. Any disbursement should be approved.
3.Documentation should be retained to support each petty cash transaction. This should include the approval form and receipts.
4.Periodically count the petty cash fund and reconcile it to the transactions.
Qs: How can we protect petty cash? Think back to our disbursements processes.
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