Extra John Keen B.
BSA 3.1
Task Performance
Part I.
1. B
2. B
3. A
4. C
5. C
Part II
Deficiency
The post is unlocked by a
junior clerk. unsupervised. as
a result of this,
misappropriation of funds
cash and cheques are secured
in a small locked box and only
banked every few days. a
small locked box is not
adequate for security of
considerable cash receipts, as
it can easily be stolen.
Cash and checks are only
banked every few days, and
this may be done by any
member of the finance staff.
Cash should not be kept
overnight since it is insecure.
Also, if any member of the
team banks cash, it's possible
that relatively junior clerks
will have access to large sums
of money.
Both the cash book and the
Control
A second member of the
accounts team or non-
accounts team member
should assist with the mail,
one opening the mail and
the other recording cash
received in the cash log.
Cash and cheques should be
banked on a daily basis if
possible; if not, they should
be kept in a fireproof safe
with only supervised access.
Every day, cash and cheques
should be deposited.
From the cash received log,
the cashier should construct
the paying-in book. The
banking of this money
should be delegated to a
separate responsible
individual.
From the cash received log,
Test of control
Check the mail-opening
process to see if the control
is working properly.
Inquire with management
about the location of
unbanked cash receipts.
check the place to ensure
that the cash is properly
secured.
Checkthe paying-in books to
discover if cash and checks
were deposited on a daily or
less frequent basis.
Compare bank statements to
the cash received record to
ensure that all funds were
immediately deposited.
inquire with employees
about who handles the
banking procedure and
whether or not this individual
is appropriately accountable.
Monitor the procedure for
sales ledger are updated by the cashier should update entering cash into the
the cashier. This is a poor the cash book. appropriate ledgers and note
separation of tasks since the The sales ledger should be whether or not division of
cashier might enter a receipt updated by a member of the tasks is taking place.
erroneously, affecting both sales ledger team.
the cash book and the sales
ledger.
Furthermore, a lack of job
segregation might raise the
danger of a 'teeming and
lading' scam.