Issue: Residual receipts are not held in a separate bank account.
Trend: This practice can lead to potential mismanagement of funds and complicate financial tracking.
Recommendation: Establish a dedicated bank account for residual receipts to improve transparency and accountability.
Finding Text
The residual receipts are not in a separate bank account.
Corrective Action Plan
Management agrees with the finding. A separate residual receipts account will be set up and any residual receipts funds will be transferred to the new account. Management will ensure that future residual receipts are deposited into the correct account.