Page 265 - Misc Ebook IC 78

Miscellaneous Insurance

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

(vii)The record should provide documentary evidence
which places the responsibility for irregularities at
the right place.

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

(ix) The entries in cash book should be checked at least
weekly with original documents. The employers
books should be checked monthly, whereas cash in
hand should be checked daily.

(x) There should be a continuous professional audit by
a firm of recognized standing.

(xi) There should be independent surprise check at
regular and frequent intervals, of all money
transactions.

Q9.b) Which specific aspects have to be looked into
when a computerized system operates?

Ans. A number of questions should be asked when a

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