Proof Of Cash Analysis

searcher profile

March 05, 2024

by a searcher from INSEAD in Miami, FL, USA

Hi Team,

When verifying bank transactions, how do accounting firms go about verifying the source of the checks received via mobile deposit if they details don't show up on a statement? Do you have to request each of the checks as proof or do a spot check of a certain percentage?

Thanks for the support!

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commentor profile
Reply by a professional
from University of Central Florida in Chicago, IL, USA
You would take a sample of the larger deposits, round-dollar deposits, or deposits near the cut-off and request the back up. They should be able to request them from the bank. Most businesses aren't receiving a ton of checks these days, so it seems a bit unusual if that's the source of most of their revenue.
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