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Scenario: “Once this reconciliation has taken place, the cash is stored in the shop’s small safe overnight and in the morning it is transferred to the bank via collection by a security company. ”
KEY/Direct control: “This ensures that cash is safeguarded and that the risk of theft when transferring to the bank is minimised.”
ma’am how is this process really carried out-“transferred to the bank via collection by a security company”? An individual from the security company is collecting cash and taking it with himself?
and how exactly is risk of theft minimised?
doubt 2: TOC for the same:
“A sample of invoices from the collection company should be reviewed and confirmed that they are charging Centipede Co on a daily basis.”
what for should the security company be charging caterpillar? maintaining a savings or current account?
responding to doubt 2) i think ma’am i realised that security companies are different from banks. And here banks have no role to play; security companies charge for taking the risk of transiting the goods from one location to another.
am i correct ma’am?