Lowers & Associates (L&A) understands the inherent risks involved with securely managing, moving, and storing cash. To prevent theft and fraud, Banks, CIT, and ATM service providers rely on L&A’s professional cash audit services.
With extensive industry expertise, we are uniquely qualified to offer independent cash audits and compliance monitoring to address daily loss exposures for banks and their CIT/ATM partners.
Whether your CIT carriers manage cash operations, storage-only locations, full-service ATMs, or ‘meet and exchange’ points, there are both common and unique risks in handling your cash inventories. It’s crucial to assess these risks carefully to ensure comprehensive management and protection.
For each CIT/ATM partner, we will conduct full audits by physically counting all cash/coin inventories and verifying that your funds are accounted for. We also compare the carrier’s inventory with the account balances of other banks they service. This approach ensures that vaulted cash, cash on trucks, and cash in ATMs are not misallocated or mixed up between different banks or businesses.
Let us assist by conducting independent, periodic audits of cash assets managed by third-party CIT and ATM providers. Give us a call today to learn how to put our expert cash audit services to work for your bank.
Banks, insurers, and regulators seek greater transparency in evaluating carrier cash operations and safeguarding cash assets.
L&A’s Cash Audit Services offer unannounced, periodic verification of cash and coin inventories. This process includes a comprehensive physical count, which the team compares to daily customer reports from the carrier’s cash operations, ensuring accuracy and accountability throughout. The team reconciles any variances between physical balances and reported balances by verifying all cash movement. After reconciling each account, we send a confirmation request to banking customers to confirm or dispute the audited balances.
Accurate, timely cash audits from a trusted third party like L&A ensure protection from accidental loss, internal theft, or criminal activity. Let L&A help improve your operations and risk profile with banks, retailers, and regulators. Give us a call today.
L&A tailors its Cash Audit Services to protect both your cash and the cash inventories provided by your banking partner(s). We guarantee improved security and greater accountability throughout the entire process. Our audit services ensure proper controls and satisfy inquiries from customers, insurers, banks, or regulators requiring annual independent audits. Our onsite audits include a full vault cash/coin count, reconciliation with ATM balances, customer confirmations, and a brief risk assessment.
Whether you’re an FLM provider, the owner of “white label” ATMs, a CIT carrier, or an ATM cash replenisher, L&A can help you effectively mitigate risks in your ATM operations. This ensures that your operations remain secure and efficient, ultimately reducing potential threats. Ask us how we can help you today.
L&A’s Cash Audit Services help banks and their CIT/ATM partners quickly identify out-of-balance conditions, control weaknesses, and operational areas for improvement. Failing to address issues promptly increases the risk and severity of losses.
Every L&A Cash Audit includes a Risk Assessment component. Our veteran auditors conduct a brief risk survey to assess compliance with industry best practices and/or client-specific standards. We evaluate critical processes that impact the organization’s efficiency and effectiveness. Recommendations for improving these processes, strengthening controls, and mitigating risks are provided based on the observations.
For over 25 years, L&A has partnered with banks and financial services to develop audit programs that independently verify inventory balances and ensure compliance with best practices or customer standards.
For more information about our Cash Audit Services please give us a call today at (540) 338-7151. We look forward to hearing from you!
Use the form below to request additional information about our solutions or for general inquiries.
Let’s discuss your risk management needs. Please complete the form below and one of our consultants will be in touch to schedule a meeting with you.
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