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When Petty Cash Isn't Petty

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Michael Prentice

on 15 September 2015

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Transcript of When Petty Cash Isn't Petty

Initial CPA Findings
Duplicate Payments-checks were written once, then cash was paid.

Incorrect totals reported where the totals were greater than attached receipts.

Incorrect transfers of information than what cash was inside the envelope.
Additional Findings
Submitted receipts to petty cash more than once.

Use of photocopied receipts as petty cash disbursements

Altered Receipts

Petty cash vouchers had no supporting receipts.

Petty cash was issued under statements that required no payments.

Original AND Corrected receipts were submitted for pettycash reimbursement.
What procedures could Dan have put in place to avoid such a problem?

Should procedure ever be waived?

How should petty cash be better protected?
Company of Examination
Andrew Foster
Son of Foster Foods founder

Takes leadership of company in 1975

Innovates company with research and development of dried fruits.

Company becomes protected by Chapter 11 of bankruptcy code.

Jeri Hansen
No matter the tenure, internal controls procedures should never be waived.

All controls, including petty cash, should be monitored.

Segregation of Duties

Mandatory Vacations
When Petty Cash Isn't Petty
Michael Prentice
Food processing and packaging service.

Focuses on research, development, and process information.

Operates domestically in two facilities in a Mid-Atlantic State

Operates internationally out of several facilities in Fiji Islands
Petty Cash Custodian

Accounts Payable Clerk in years past.

Trusted employee and citizen of the community
Dan Jenkins
CFO of Fosters Food

Due to credit issue, had no focus for Petty Cash

Detected a double payment to an equipment supplier-one check, and one cash disbursement.
Jeri's Downfall
Full transcript