to help prevent fraud, we have implemented the following...
One partner is responsible, with the manager, for business and financial affairs
Bank accounts are only operable with at least two signatories. Cheques should be signed by two signatories. The number on non-partner signatories should be restricted.
Payments made by BACS require one partner’s signature
The same individual should, where possible, not be both payee and authorising signatory.
The practice should avoid undue reliance on one member of staff for financial and business controls
All income and expenditure is recorded and reconciled with a bank statement.
Staff are never paid in cash for work undertaken
There is a written procedure for using petty cash.
Purchases of equipment over a certain cost are only made with the prior approval of a partner (£100).
Approval to complete can be given for a specific process to a specific individual ie for BACS
All cheques signed should be accompanied by appropriate documentation, such as an invoice.
The practice should ensure where possible that one individual does not place an order, authorise the invoice AND sign the cheque.