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Points To Be Considered While Vouching Of Cash Transactions

Vouching of cash transaction is the most important job of an auditor. Before setting the program of vouching, an auditor should inquire carefully into whole system of internal control. An auditor should examine and understand the system and should pay attention in the following points.

1. Responsible officer for cash received and authority to sign check should not be given to the cashier and a copy of counterfoil should be kept for record of office. The receipts should be numbered serially.

2. All the receipt of cash should be recorded in the cash book.

3. Amount of cash received should be deposited into bank daily.

4. The cashier should not have any control over ledgers.

5. Drawer of check should present it to responsible officer to sign.

6. All unused receipt books and check books must be kept under lock.

7. System for recording cash sales and miscellaneous income should be different.

8. All the payments except petty cash expenses must be made by check.

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