Academies are required to have a process in place for the independent checking of financial controls, systems, transactions and risks. The following checks are recommended in the course of this Regularity/Internal Audit.
A — Bank and cash
Review bank reconciliation performed at month end (termly).
Agree balances on the reconciliation to the trial balance and bank statement (termly).
Trace outstanding receipts and payments to after date statements (termly).
Review cashbook for large and unusual transactions, check for authorisation and trace to documentation (termly).
Spot-check petty cash balances held (agree trial balance to cash held) (termly).
Sample petty cash payments to vouchers (termly).
This content requires a Croner-i subscription.
Existing subscriber? Log in
Contact us to discuss your requirements.
0800 231 5199
Croner-i is the trusted source of expert guidance and time-saving tools.