Audit Controls
Oversight of petty cash is important because of the potential for abuse. Examples of petty cash controls include a limit (such as 10% of the total fund) on disbursements and monthly audits by someone other than the custodian. Use of petty cash is sufficiently widespread that vouchers for use in reimbursement are available at any office supply store.
The Petty Cash Daybook is one of the Daybooks used in bookkeeping and the Double-entry bookkeeping system
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Famous quotes containing the word controls:
“Comparatively, we can excuse any offense against the heart, but not against the imagination. The imagination knows—nothing escapes its glance from out its eyry—and it controls the breast.”
—Henry David Thoreau (1817–1862)