Authorize at the bank those individuals who can endorse checks, cancel endorsements or receive money from the bank. Delegate responsibility and authority to others and define the limits of responsibility and authority of those designated persons. Establish and enforce minimum security standards applicable to all University cash handling operations. The Controller has responsibility for ensuring that cash receipts and disbursements are recorded accurately and timely in the University accounting system. This office is also responsible for the daily reconciliation of the cash receipts recorded in the accounting system to the amounts deposited in the University bank accounts.
Bank reconciliation is a critical control function necessary to safeguard cash.
As a part of these audits, Internal Auditing will assess the adequacy of cash handling procedures and compliance with University policy. Establish, implement and enforce campus cash handling standards. Collect, control and maintain records of custodianship for all campus funds. Designate a campus Cashiers Office to function with specific designated responsibility. Delegate responsibility and authority to others and define the limits of that delegation.