04 January 2012
Dear Experts, Whoever is classified as experts in this website, please spare some time in the query section too and go thru the questions asked by the amaeteurs like us and guide us. Because this is the only website which is interactive and knowledge sharing portal as far as i know. IF you can help it will be a gr8 relief for us.
My doubt is
1)How should i start my internal audit with respect to petty cash expenses is concerned.
2) What are the records that i should verify to carry out petty cash expenses verification?
Before starting any internal audit, we have to first understand their internal controls, internal checks and documentation process followed. These three areas are very dynamic to each industry and within industry, it may vary between business. This you can do by discussion with the accounts department head and then you draw a audit check list, and give risk weight-age for each point, then only you will be in a position to decide, which are the documents and vouchers you have to verify.
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