Regulations for Teller & Vault Kitties

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Question:

I am an Internal Auditor at a bank completing a step in the cash function audit. This section addresses teller kitties or vault kitties. Are there any laws or regulations against teller or vault kitties?

Answer:

They are not addressed in any law or regulation. From an internal control standpoint, they are very dangerous. Small overages and shortages should be run against a teller over and short G/L account for tracking purposes.

First published on BankersOnline.com 7/09/07