Page 119 - Misc Ebook IC 78

Miscellaneous Insurance

(vii)Employees collecting many should not be allowed
to make any disbursements from there.

(viii)All payment should be made by crossed cheques
only.

(ix) Receipts for all money collected should be made on
printed and numbered forms out of the book with
counterfoils.

(x) The record to provides documentary evidence which
places the responsibility for irregularities at the right
place.

(xi) The responsibility for the correctness for every
payment should be shared by at least two persons.

(xii) The entries in cashbook should be checked at least
once a week with the original documents. The
employer is books should be balanced monthly. Cash
in hand should be tallied daily.

(xiii) There should be continuous professional audit by a
reputed firm.

(xiv) There should be independent surprise checks at
regular and frequent intervals of all money
transactions.

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