RSM323H1 Lecture Notes - Lecture 9: Petty Cash

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2 Apr 2018
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You are a pa assigned to the audit of wedgeall company. As you are reviewing internal controls, you note some weaknesses in the petty cash and bank deposit system. Petty cash is received and deposited by the same person (seymore) in the receivables department. As you test controls, you discover that there seems to be times when there are cash shortages. As you are speaking to seymore, you discover that his wife has just given birth to triplets. You begin to ask seymore about the shortage in cash, but he seems to be defensive and a little irritable. As you walk away, you wonder what you should do next. Seymore was worried as the auditor had come to ask him about petty cash. He knew what he was doing was wrong, but he just didn"t feel he had any choice.

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