28 April 2014
An auditor should examine and understand the system and should pay attention in the following points.
1. Responsible officer for cash received and authority to sign check should not be given to the cashier and a copy of counterfoil should be kept for record of office. The receipts should be numbered serially.
2. All the receipt of cash should be recorded in the cash book.
3. Amount of cash received should be deposited into bank daily.
4. The cashier should not have any control over ledgers.
5. Drawer of check should present it to responsible officer to sign.
6. All unused receipt books and check books must be kept under lock.
7. System for recording cash sales and miscellaneous income should be different.
8. All the payments except petty cash expenses must be made by check.
28 April 2014
Limit is 20K, if payment exceeds Rs 5000/-, note that revenue stamp is attached with the voucher or not, Carefully check whether the voucher is of current period or not,Proper Evidence must b attached with the voucher, Double aspects must b affected, Voucher properly signed or not.
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