Physical Verification of Cash -Bank Audit.

yes, while doing con-current audits of banks, it is mandatory to phsyically verify cash balance on any day of each month and to see whether it is tallied with cash summry register maintained by the bank.

Hai all,

Very first thing that we do in our Statutory audit programme is checking of cash balance....I would like to explain you how we do...

1)Check the Register maintained with the Real cash balance...

2)Next is to verify the Cash locker where moneys are usually kept in bundles...Verify the register maintained over there with Cash bundles....it is not necessary that you have to count each bundle...

3)If ATM is there ask them to open them and check the available balance with eletronic records shown by the machine.....

Yes it is required to verify cash balance of banks and to report on them

verification of cash balance is required.