BAASCO PETTY CASH FUND

Objective: To test proper authorization of petty cash fund establishment:

1. Obtain a copy of board resolution authorizing the establishment of a petty cash fund from the
treasurer.
2. Inspect the document if the document was properly signed by the Council Representative,
Council Adviser and the College Dean.

Objective: To test accuracy of amounts used to establish petty cash fund:

1. Inquire for the amount of established petty cash fund as stated in the Board Resolution.
2. Obtain from the treasurer a copy of the withdrawal slip concerning establishment of petty cash
fund.
3. Inspect if the amount withdrawn coincides with the amount authorized by the Board Resolution.
4. Obtain from the bookkeeper a copy of the cash disbursement voucher and inspect if amount
coincides with the amount as authorized by the resolution.

Objective: To test amount requested for petty cash replenishment is duly substantiated:

1. Obtain a copy of the liquidation report and withdrawal slip prepared by the Treasurer.
2. Obtain all the Source Documents (Official Receipts and Cash Vouchers) that correspond to the
replenishment request.
3. Determine if all the expenses presented are duly substantiated with source documents.
4. Determine if total amount presented in the liquidation report is equal to the amount withdrawn
for replenishment.

Objective: To test for cash shortages or excesses in the Petty Cash Fund

1. Obtain from the bookkeeper a copy of the council resolution of the establishment of the Petty
Cash Fund.
2. Observe the treasurer perform a cash count of the Petty Cash Fund on hand.
3. Obtain the Petty Cash Vouchers from the treasurer (not replenished).
4. The difference between the total cash accountable to the treasurer and the obtain obtained
Petty Cash Vouchers would be the total cash short/over.