Richmond Home

How to Prepare for an Audit

The Bursar’s office will conduct yearly audits to ensure that the Cash Receipts Guidelines & Best Practices are being followed.  The following are questions that might be asked when you are audited.  Answering these questions when establishing your policy & procedures and anytime you have a staffing change, will help you prepare for an audit.

1)      Does your department directly receive cash/checks for:

  1. Fines/Fees
  2. Student Activities or Student Events
  3. Employee Reimbursement for Personal Charges
  4. Others.  Please Specify

2)      How much money does your department receive every month?

  1. Less than $500.00
  2. $500.00-$1,000.00
  3. $1,000.00-$5,000.00
  4. $5,000.00 & over

3)      Payment is received by (indicate all that apply)

  1. Mail
  2. In person within the department
  3. Received at an off-campus location.  Please specify location

4)      Does the person(s) handling cash have access to and knowledge of the applicable university policies?

5)      Is there a written cash handling procedure specific for your department?

6)      Is restrictive endorsement, such as “University of Richmond For Deposit Only” placed on incoming checks and money orders when they are received?

7)      Do you accept post dated checks?

8)      Do you accept cash by mail?

9)      Is a receipt given for all transactions conducted in person?

10)  Does the department immediately prepare receipts when funds are collected?

11)  Are duplicate copies of the receipts retained?

12)  Does the department use pre-numbered receipt books?

13)  Are receipt books regularly reviewed for missing receipt numbers by someone other than the person accepting payments?

14)  Are receipt books safeguarded when unattended?

15)  Are funds deposited with the University’s Cashier’s Office?

16)  Is a “cash receipts summary and transmittal” for prepared and submitted to the Cashier’s Office?

17)  Does someone other than the person issuing receipts prepare the deposit form?

18)  How often are the funds deposited?

  1. Daily
  2. Once in 2 days
  3. Once in 3 days
  4. Other. Please specify

19)  Does the department obtain a copy of the deposit form (either in-person or by inter-office mail) from the Cashier’s Office upon their receipt of the deposit?

20)  Are “deposit forms” reconciled to Banner accounts?

21)  Is the reconciliation review regularly monitored by management or another person in a supervisory capacity who is independent of the cash receipting process?


Received From

Received By


Cash or Check



A. Weitzel

S. Kallighan



deposit for class @ Culinary Institute