CASH COUNT EVALUATION

Cash is a vital component of any organization. It is highly liquid and is classified as the most susceptible asset to fraud and abuse. Therefore, regular monitoring of cash inflow and outflow is a must. Such can be further improved through the help of technology by using cash counting machine. To test the accuracy of the cash counting machine, the student auditors namely Amelia T. Bautista, Michelle T. Usita and Bernadette A. Valdez observed the cash count using the machine at the SLC Treasurers Office. Objective: To determine if cash is counted and presented in the proper amount. Procedures: The Treasurer must be asked to be present throughout the count. Manually counted cash must be recounted through the use of the cash counting machine. Results of the count using the machine are to be verified with the recorded amount of cash counted manually. Evaluation: The aforementioned procedures were performed last October 6, 2011 at 5:15 P.M. The treasurer was present all throughout the conduct of the cash count and was available for clarifications.

The student auditors learned a lot from the cash count. Through the activity, concepts taken up in the Audit Theory class were applied. The student auditors also had a firsthand experience using the cash count machine. A test was also conducted regarding the possible cause of error in the counting of the machine. As a conclusion, the counting machine is not totally accurate because the figure that will be displayed depends if there would be errors. Therefore, proper care must be observed in placing the bills to be counted in the machine.