Businesses that maintain petty cash to pay for small, on-demand necessities should implement proper petty cash audit testing procedures to ensure that employees use petty cash for appropriate reasons and properly account for the petty cash as used. • This check can be cashed at the main Cashier’s window in the Student Services Building, room 165. Petty Cash Audit Procedures. Fund Petty Cash. 3. At the end of each month, or whenever the Petty Cash fund drops below a balance of $20.00, the Cashier will complete a Check Request for reimbursement of cash. To expedite the purchase of low value items, Administrative Staff are authorized to maintain a petty cash fund. Petty Cash Funds Policy 3-011 General Purpose of Petty Cash Funds – Petty Cash is intended for… 2. Reporting irregularities 8. The audit of petty, change and imprest cash funds was conducted as part of the a Department of Internal Audit’s Fiscal Year 2014 Annual Audit Plan. Petty cash funds allow cash to be made available to departments and activities to facilitate cash payment for minor expenses while maintaining proper control. While new procedures have been developed for petty cash since the 2009 audit, missions are still not implementing some basic controls around these funds. PETTY CASH PROCEDURE GUIDE 7. Specific audit objectives were to determine whether the units selected had the approved cash amount in their petty cash fund and had proper controls in place in accordance with UT System’s Cash Management and Cash Handling Policy and UT Austin’s Cash Handling procedures (HBP Part 6). Using petty cash 3.1. D. Review of Petty Cash or Change Funds 1. Effective audits are unannounced and the purpose is to randomly check on the records, accounting procedures and control of your petty cash fund. Petty Cash Procedure Page 1 of 6 Version 1.0 April 2017 Standard Operating Procedure 1 (SOP 1) Petty Cash Procedure Whywe have a procedure? Petty cash facilities will only be issued where the applicant has: 3.1 Completed the Petty … ... and procedures. The results of some of the audit procedures would guide us on our further action. University PolicyThe purpose of a petty cash fund is to provide cash to business units sufficient to cover minor expenditures. Change to Petty Cash Responsible Officer 6. Restrictions on use of petty cash 4. Writing impractical procedures – for example, suggesting a segregation of duties between the person authorising petty cash vouchers, recording petty cash vouchers and dispensing the petty cash. To ensure your petty cash is appropriately used, perform periodic audits. These two issues underline the importance of having well designed monitoring controls in missions performed on a timely basis by knowledgeable MCOs. Once we have identified audit risks related to cash and bank, we need to perform audit procedures. Issue of Petty Cash Facilities Petty cash facilities will only be issued in line with this policy. Audit Objectives . We have completed our audit of the Petty Cash: Cash Handling and Cash Management Audit. A cheque is issued to the custodian identified by the department.