Get the free Petty Cash Audit - City of Buffalo

C I T Y O F B U F FA L O D E PA R T M E N T O F A U D I T A N D C O N T R O L AUDIT REPORT ON PETTY CASH FUND MARK J.F. SCHROEDER COMPTROLLER ANNE FORTISCIARRINO FIRST DEPUTY COMPTROLLER K E V I N

How to fill out petty cash audit

How to fill out petty cash audit?

1. Prepare the necessary documents: Gather all the receipts, invoices, and other supporting documents related to the petty cash transactions.
2. Review the petty cash fund: Check the amount of money available in the petty cash fund and ensure it matches the designated amount determined by your organization's policy.
3. Examine the transactions: Go through each petty cash transaction and verify if it has been appropriately recorded and supported by the relevant documents.
4. Calculate the total expenses: Sum up all the amounts spent from the petty cash fund during the audit period and ensure it matches the remaining funds plus the initial fund.
5. Validate signatures and approvals: Check if all the petty cash transactions are properly authorized with the required signatures and approvals from the relevant personnel.
6. Document any discrepancies: If there are any discrepancies or irregularities found during the audit, make a note of them and investigate further to determine the cause.
7. Replenish the fund: If the petty cash fund is running low, replenish it by reimbursing the authorized expenses and maintaining the designated amount for future transactions.

Who needs petty cash audit?

1. Small businesses: Petty cash audits are essential for small businesses that frequently handle cash transactions, as it helps maintain financial accountability and prevents any misuse of funds.
2. Non-profit organizations: Non-profit organizations often rely on petty cash to cover miscellaneous expenses. Conducting regular audits ensures transparency and helps maintain accurate records.
3. Retail stores: Petty cash audits are crucial for retail stores, especially those dealing with cash sales, as it helps them monitor cash flows, identify any fraudulent activities, and reconcile any discrepancies.
4. Educational institutions: Schools and universities often utilize petty cash funds for various purposes, such as purchasing office supplies or reimbursing small expenses. Regular audits ensure proper management of these funds.
5. Hospitality industry: Hotels, restaurants, and other hospitality businesses often have petty cash funds to handle minor expenses like cab fares, tips, or small purchases. Audits ensure the proper utilization of these funds and prevent any financial irregularities.

Remember, the frequency and extent of petty cash audits may vary depending on the specific organization's policies and requirements.

For pdfFiller’s FAQs

What is petty cash audit?

A petty cash audit is a review of the funds kept on hand by a business for small, miscellaneous expenses.

Who is required to file petty cash audit?

Any business that maintains a petty cash fund is required to file a petty cash audit.

How to fill out petty cash audit?

To fill out a petty cash audit, one must detail all transactions, balances, and receipts related to the petty cash fund.

What is the purpose of petty cash audit?

The purpose of a petty cash audit is to ensure that funds are being used for legitimate business expenses and to prevent mismanagement or theft.

What information must be reported on petty cash audit?

Information such as starting balance, transactions, receipts, and ending balance must be reported on a petty cash audit.

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