Audit observed that the paymaster was using bank statement to post transactions into the cashbook directly. Such practices are not the appropriate way of recording financial transaction in the books of accounts. Due to this abnormality, the bank reconciliation statement presented to the Audit team was not correct. However, correct bank reconciliation statement had been prepared by Audit team up to 31st December, 2021.
The Director of Finance and Accounts should henceforth supervise her subordinate in order to ensure that transactions are properly recorded in the relevant books of account to ascertain accuracy, accountability and transparency. Accountants are expected to post transactions from source documents directly into the cashbook before reconciling them with the bank statement.
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