Deposit verification
Definition
Audit procedure that traces cash receipts from the point of collection through to the bank deposit, confirming that the amounts recorded match the amounts deposited and that no delay in depositing created an opportunity for diversion.
Related terms
- Cash larceny
- Taking cash that has already been recorded in the accounting system. The record exists, so the theft creates a provable discrepancy between...
- Off-book scheme
- Any fraud in which transactions are never entered into the accounting records. Off-book schemes are the hardest to detect by accounting review...
- Register reconciliation
- The process of comparing point-of-sale transaction records against physical cash drawer counts for the same period. Persistent shortages on specific shifts, registers,...
- Skimming
- An off-book cash theft: revenue is stolen before it enters the accounting system, so no entry is ever made. Skimming is harder...
- Surprise cash count
- An unannounced physical count of cash on hand at a specific location, compared against the accounting balance at the same moment. Persistently...
Explained in
- Cash Theft and Skimming SchemesAudit procedure that traces cash receipts from the point of collection through to the bank deposit, confirming that the amounts recorded match the amounts depo...