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Self Assessment

CASH/MISCELLANEOUS RECEIPTS

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Authorization

1.

Have procedures been developed which specify how the department is to comply with University requirements regarding the receipt, recording, safeguarding, deposit and reconciliation of receipts (receipts include currency, checks, traveler’s checks, money order, and credit card receipts)?

 

Yes   No

2.

Are all collections recorded on pre-numbered receipts or a cash register by an individual designated to receive cash?

 

Yes   No

3.

Are all copies of voided receipts retained to help account for all receipt numbers?

 

Yes   No

4.

If a receipt number is missing, is an attempt made to ensure all funds are adequately controlled until deposited?

 

Yes   No

5.

Is the inventory of unused receipts controlled and accounted for?

 

Yes   No

6.

Are handwritten receipts completely filled out, showing date, amount, who paid and why, and signed by the employee receiving the funds?

 

Yes   No

7.

Does the department have an outside bank account?

 

Yes   No

 


Segregation of Duties

 

8.

If payments are received by mail, is accountability for cash and checks established immediately upon receipt? If the person opening the mail is not normally responsible for handling cash, payments should be recorded in a daily log when received. The log should be used to transfer the funds to the cashier or other person responsible for deposits, who would sign the log to acknowledge receipt of funds. The log should include a detailed listing of amount received, source of funds and reason for payment (note: cash receipts by mail may be opened and logged by an individual responsible for cash deposits).

 

Yes   No

9.

Is an independent listing of cash receipts prepared before the receipts are submitted to the cashier or accounts receivable bookkeeper? Is the listing prepared by hand or by register?

 

Yes   No

10.

Is there adequate separation of responsibility in handling funds and keeping the accounting records? Whenever possible, the following processes should be managed by separate individuals:

 

  1. Cashier/accepting payments.
  2. Preparation of deposits and posting to the University’s accounting system.
  3. Reconciliation of deposits to the department account(s).
  4. Authorization to write off bad debts.

 

When such a separation is not possible due to staff limitations, senior management must be aware of this limitation and perform periodic (at least monthly) reviews of the records to ensure that funds are adequately protected. This review should include whatever steps are necessary to ensure department receipts have been deposited with the Bursar’s Office.

 

Yes   No

11.

Are all transfers of cash accountability and collections between cash custodians documented (from cashier to preparation of deposit to actual deposit)?

 

Yes   No

 


Safeguarding of Assets

 

12.

Are separate, lockable containers or compartments available to each person collecting money?

 

Yes   No

13.

Is the money locked up when the person responsible for the funds leaves the area?

 

Yes   No

14.

Are keys to the cash box, file or desk that contains money restricted to the person responsible for the funds?

 

Yes   No

15.

Are all checks received by cashiers made payable to the Board of Regents of the Nevada System of Higher Education?

 

Yes   No

16.

Are all checks restrictively endorsed immediately upon receipt?

 

Yes   No

17.

Are unidentified checks adequately safeguarded and promptly disposed of?

 

Yes   No

18.

Is the area where physical handling of cash (counting area) takes place reasonably secure?

 

Yes   No

19.

Are collections kept overnight stored in a locked receptacle or safe?

 

Yes   No

20.

If a safe is used, is the combination restricted to only essential employees?

 

Yes   No

21.

Is the safe combination changed on a regular basis (at least annually or when an employee with access leaves the department or changes jobs and no longer needs access to the safe)?

 

Yes   No

22.

Is the physical security of the safe acceptable? Consider the size of the safe, whether it is secure, and its location.

 

Yes   No

23.

While cash receipts are being held for deposit, is the money ever used to cash checks for students or staff?

 

Yes   No

24.

Are all cash collections recorded on the day received?

 

Yes   No

25.

Are collections deposited with the Bursar’s Office when collections exceed $50, or at least weekly?

 

Yes   No

26.

Are deposits presented intact?

 

Yes   No

27.

Is a record of overages and shortages maintained for each person handling cash?

 

Yes   No

28.

Does a supervisor periodically review the record to detect any trends or consistent errors in either overages or shortages?

 

Yes   No

29.

Are cash overages deposited with the Bursar’s Office and not held in a “slush fund?”

 

Yes   No

30.

Are any significant suspected disappearances of funds reported to Public Safety?

Yes   No

 


Recording

 

31.

Are postings to Advantage made by a person independent of the cash receipts and accounts receivable function?

 

Yes   No

32.

Are separate receipt books used for different types of receipts?

 

Yes   No

33.

Is a deposit advice report (deposit slip) submitted with each deposit?

 

Yes   No

34.

Is a validated deposit ticket obtained for each deposit made?

 

Yes   No

 


Reconciliation and Management Oversight

35.

Does someone not involved in handling cash receipts reconcile deposit entries appearing in the department’s general ledger accounts to the related cash receipt records?

 

Yes   No

36.

Do the reconciliation procedures include:

 

a. accounting for the sequence of all receipt numbers?

Yes   No

b. comparing the detail of bank deposits to cash receipt records?

Yes   No

c. investigating other reconciling items (e.g., checks returned for insufficient funds)?

 

Yes   No

37.

Can receipt numbers be traced to specific deposits with the Bursar’s Office?

 

Yes   No

38.

Are validated deposit slips returned to the person performing the accounting function for the department after the deposit has been made?

 

Yes   No

39.

When tracing receipts to deposits, are all numbers accounted for to ensure no receipts are missing?

 

Yes   No

40.

Is an independent review performed of monthly deposits?

 

Yes   No

41.

Are revenue accounts reviewed at year end (June 30) to identify possible deferred revenue and any deferred revenue reported to the Controller’s Office?

 

 

Yes   No

 
 

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