Annual Board of Survey
- The
CEO shall appoint three officers to be part of a Board of Survey to
conduct a physical stocktake of all money on hand and other stock held in
safes.
- If a
selected officer is unable to serve on the Board, he/she must immediately
inform the CEO.
- Safekeepers,
revenue collectors, petty cash officers or other officers handling
cash must be present during the survey of cash or safe valuables under
their charge.
- If
the survey takes more than one day, the Board shall seal the unverified
portion of the stock. No officer apart from members of the Board shall
open the seal.
- If
any discrepancies are found during the survey, the Accounting Head
must provide the CEO with a written explanatory report and put in place
measures to ensure that losses are recovered or written off.
Surprise Cash Counts
- At
each office at which money is collected, the Office Manager shall
conduct a surprise cash count at least twice a year.
- After
cash or safe contents have been physically verified to cashbooks, receipts
and other supporting documents, the Office Manager shall sign and
date the cashbook and petty cash book and state whether the balance
corresponds to the actual cash on hand.
- Similarly,
the Office Manager must sign and date the safe register balances
after verifying the actual contents in the safe.
- The
Office Manager shall provide a report of the cash count to the Accounting
Head, whether or not any discrepancies are detected.