These controls should be used to provide a deterrent against theft, aid in the identification of cash receipt recording errors and to furnish proof of payment. Pre-numbered receipts should be issued and controlled by one office on each campus or University facility located away from a campus. Cash register tapes and cash receipts should be utilized, whenever possible, to make gross revenue comparison tests more practical. Physical custodianship of assets should be separated from the record keeping of the assets. The responsibilities of one person should complement and check those of others.
Campus needs to ensure that segregation of functions is enforced.
Outlying areas should process invoices through a campus business office. The importance of prompt deposit, adequate records and segregation of duties must be recognized by any individual working with cash. It is the responsibility of campus management to ensure that those charged with processing cash receipts are thoroughly trained in the proper procedures for receiving, recording and depositing University funds. In order to carry out these responsibilities campus management must make an audit no less frequently than once a year of each cash collection location and report the results to the UMS Department of Internal Audit. The audit should be accomplished by using the Cash Collections Audit Program provided in Exhibit A .