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Name three risks surrounding petty cash?

Petty Cash Auditing Internal Audit Cashiering
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Question added by Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
Date Posted: 2013/06/15
Upvote (1) Views (25) Followers (0) Answers (8) Report Question
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Farhad Ali
by Farhad Ali , Accountant , AL Aaly holding

Risk surrounding the petty cash are Theft personal use expense out with out approval

marry ann panggarotan
by marry ann panggarotan , HEAD cashier and merchandiser , NEW VENTURES SHELL STATION

PETTY CASH IS PETTY CASH

1) DO NOT USE IN ANY PERSONAL USE OR ANY UN AUTHORISED EXPENCE EVEN IN COMPANY EXPENCES.

 

2) AVOID MISTAKES OF GIVING WRONG CHANGE IN ORDER FOR YOU TO MAINTAIN COMPLAIT PETTY CASH

 

3) BE AWARE OF FAKE CASH FROM CUSTOMERS

 

4)BE AWARE OF THEFT WHO MAKE YOU LOST ALL YOUR CASH INSIDE DRAWERS

 

5) LACK OF CONCENTRATION MAKES YOU EXCESS CASH OR SHORTAGE....

 

6)AVOID TRUST ANYONE TO HANDLE YOUR PETTY CASH WITHOUT YOUR PROPER CHECKING BEFORE YOU TAKE OVER

SALIK RAFIQUE
by SALIK RAFIQUE , GM FINANCE , SWISS PRO MANUFACTURING CO.

Risk of theft Risk of payment without authorisation (Fake Payments) Risk of personal use

Rahil Mahtur
by Rahil Mahtur , Entrepreneur , C&F and FRANCHISEE, WHITE HOUSE

1.Unauthorised use of money for personal expense.

2.Infalted expense bills

3. theft

4.improper accounting[leading to shortage or excess cash]

 

Abdullah zafar
by Abdullah zafar , Internal Audit Supervisor , Abdullah Abdulghani and Bros. W.L.L (Toyota & Lexus)

Collusion between employees

misappropriation of cash by responsible staff

Overriding of controls over petty cash by mangement

 

 

manaf almas
by manaf almas , Auditor , DAR AL NUZUM PUBLIC ACCOUNTANTS

risk of theft, risk of personal use expenses wich are not authorised by mgt

Khalid Noor
by Khalid Noor , Accounting Manager , FedEx

1.
Team and lading 2.
Omission of expenses 3.
Personal use of Petty cash

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