Internal Audit Checklist

Comprehensive internal audit checklist for petty cash and expense controls.

Checklist Preview

1. Cash Management

  • ΓÿÉ Petty cash fund is kept in a locked box
  • ΓÿÉ Only the custodian has access to the key
  • ΓÿÉ Cash count is performed monthly
  • ΓÿÉ Fund balance matches system records

2. Documentation

  • ΓÿÉ All expenses have original receipts
  • ΓÿÉ Receipts are numbered sequentially
  • ΓÿÉ Each receipt shows date, amount, and purpose

3. Approvals

  • ΓÿÉ All expenses are approved per policy
  • ΓÿÉ Approval thresholds are enforced
  • ΓÿÉ No expense exceeds the single-transaction limit

4. Reconciliation

  • ΓÿÉ Monthly reconciliation is performed
  • ΓÿÉ Variances are investigated
  • ΓÿÉ Reconciliation is signed by custodian and finance

5. Security

  • ΓÿÉ Cash is stored in a secure location
  • ΓÿÉ Access is restricted to authorized personnel

6. Reporting

  • ΓÿÉ Monthly reports are submitted to management
  • ΓÿÉ Annual review is conducted

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How to Use This Checklist

  1. 1Download the PDF and print it.
  2. 2Walk through each checkpoint and mark it as pass or fail.
  3. 3Document any findings and create action items for failures.
  4. 4Sign and date the checklist. File it for audit trail.

FAQ

What format is the checklist?

The checklist downloads as a PDF document with checkboxes you can print and fill.

How many checkpoints are included?

The checklist includes 30+ checkpoints across 6 categories: cash management, documentation, approvals, reconciliation, security, and reporting.

How often should I run this audit?

We recommend running this audit quarterly, or at minimum semi-annually, for adequate internal control.

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