1. What is the amount of cash that should be in the PEtty Cash box?

2. If the amount id correct, no action. If amount of cash is incorrect, what action(S) would you deem necessary. What if any journal entries are necessary.

3. Does the amount description for each transaction appear to be appropriate or do you need additional info? Yes/No and Explain.

4. Is the account number correct that was assigned? Yes/No and Explain

5. What are your conclusions for the client in regard to petty cash. What or how do you think the petty cashier could make the process better? HOW do you recommend the client fix the problems?

6. What are your thoughts in regard to fraud/error/mistakes that could occur in regard to petty cash and the internal control procedures required? What procedures or recommendation do you have for the client?

7. Provide proper journal entry to reimburse petty cash so that $200.00 is now in the petty cash box.

You are the auditor for a small manufacturer, The USA Best Co. In the process of conducting the financial audit for the year ended December 31, 20XX you are required to determine whether Petty Cash is being abused. In order to determine this, your first step is to do an audit of the petty cash box. You are provided the following information. It is January 2, 20X Y and no one has had access to the petty cash box since December 31, 20XX. The box actually had a seal on it and can only be "un"sealed by the auditor. Therefore, your report is for the year ended December 31, 20XX. Petty Cashier: Betty A. Gianio Beginning Balance in Petty Cash: $200.00 Ending Balance in Petty Cash (actual cash monies): $65.00 All petty cash receipts are signed by the person receiving/requesting the reimbursement and the petty cashier has also signed all the petty cash receipts. All requests are substantiated with a receipt. Petty Cash is reimbursed at least one a month. Enclosed in the Petty Cash box are the following petty cash receipts: Date Vendor Description Account Amount Received By: December 1 Wal-Mart 12.54 Dan Kim December 8 Office Max 43.00 Dan Kim 4.50 Shirley James December 10 December 14 December U.S. Postal Service Wal-Mart Daily Coffee for #4500 office staff Colored paper and #4305 envelopes Postage for #4210 Certified mail Cleaning Supplies #4400 for Restrooms Donuts for Morning #4610 Business Meeting Copies of Company #4305 Brochure 26.90 Tammy Cribbs Donut Mart 10.85 Tim Owens December 20 Copies to Go 42.00 Tim Owens Account # Description: #1000 Cash #1010 Petty Cash #4650 Cash Over/Short #4210 Postage Expense #4305 Office Supplies Expense #4405 Copies/Printing Expense #4400 Cleaning and Maintenance Expense #4500 Miscellaneous #4610 Business Meetings Expense You are the auditor for a small manufacturer, The USA Best Co. In the process of conducting the financial audit for the year ended December 31, 20XX you are required to determine whether Petty Cash is being abused. In order to determine this, your first step is to do an audit of the petty cash box. You are provided the following information. It is January 2, 20X Y and no one has had access to the petty cash box since December 31, 20XX. The box actually had a seal on it and can only be "un"sealed by the auditor. Therefore, your report is for the year ended December 31, 20XX. Petty Cashier: Betty A. Gianio Beginning Balance in Petty Cash: $200.00 Ending Balance in Petty Cash (actual cash monies): $65.00 All petty cash receipts are signed by the person receiving/requesting the reimbursement and the petty cashier has also signed all the petty cash receipts. All requests are substantiated with a receipt. Petty Cash is reimbursed at least one a month. Enclosed in the Petty Cash box are the following petty cash receipts: Date Vendor Description Account Amount Received By: December 1 Wal-Mart 12.54 Dan Kim December 8 Office Max 43.00 Dan Kim 4.50 Shirley James December 10 December 14 December U.S. Postal Service Wal-Mart Daily Coffee for #4500 office staff Colored paper and #4305 envelopes Postage for #4210 Certified mail Cleaning Supplies #4400 for Restrooms Donuts for Morning #4610 Business Meeting Copies of Company #4305 Brochure 26.90 Tammy Cribbs Donut Mart 10.85 Tim Owens December 20 Copies to Go 42.00 Tim Owens Account # Description: #1000 Cash #1010 Petty Cash #4650 Cash Over/Short #4210 Postage Expense #4305 Office Supplies Expense #4405 Copies/Printing Expense #4400 Cleaning and Maintenance Expense #4500 Miscellaneous #4610 Business Meetings Expense