4.3 Internal control checklist

The following are some of the key questions to ask when trying to assess if adequate cash control systems are in place:


  • Are the cash receiving, processing, recording and reconciliation functions clearly segregated, i.e. performed by different people?
  • Is cash listed in the transaction ledger immediately when it is received?
  • Are pre-numbered receipts issued? Is adequate control maintained over unused and used numbers?
  • Is the transaction ledger (including receipts/disbursements) sent directly to those responsible for the general ledger, and cash and bank reconciliation?
  • Is the transaction ledger reviewed frequently by someone independent of the receiving and cash processing activities?
  • Are cash reconciliations prepared by someone independent of the cash receiving, processing and recording activities?