Fraud Risks and Prevention Indicators

Risks

• Theft of money

Causes

• Inadequate supervision
• Poor segregation of duties
• Inadequate training of staff
• Use of common registers, drawers etc among staff
• Large amount of cash kept on hand - infrequent banking
• Poor banking procedures
• Poor cash handling and reconciliation procedures

Prevention Measures

• Monitor the number and regularity of 'No Sales' transactions on cash register
• Employees operating with an open cash register
• Cashiers operate their own float and balance when undertaking duties
• Knowledge of safe combination to be limited to only a few people at each location
• Safes to be locked when not in use and located out of public view
• A log book be maintained recording all transactions to and from safes
• Regular depositing of cash receipts into safes
• Daily banking of takings
• Regularly review extent and nature of cash shortages and report instances where satisfactory explanations are not available
• Regularly check bank deposits with cash register totals
• Banking be conducted by two employees

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