Internal Audit Checklist

Comprehensive internal audit checklist for petty cash and expense controls.

Checklist Preview

1. Cash Management

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

2. Documentation

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

3. Approvals

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

4. Reconciliation

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

5. Security

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

6. Reporting

  • ☐ Monthly reports are submitted to management
  • ☐ 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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