The Institute of Chartered Accountants
of Sri Lanka

7. Controls over banking



 7.1

 A person independent of original recording of cash receipts should check the following.

  • Daily gross collections agree with the bank acknowledged deposit slips.
  • Such deposit slips agree with bank statements for:

 - Amount banked
 - Date of credit

 Any unusual delay in realization needs to be investigated promptly.

 7.2

 Regular (monthly) bank reconciliations should be performed by a person independent of the person recording and handling of cash.

 7.3

 The monthly bank reconciliation statements should thereafter be reviewed by the Project Accountant and approved after inquiring to any  exceptions.