Cash Audit Services

Lowers & Associates ('L&A') is acutely aware of the inherent risks involved with the secure management, movement, and storage of cash. To ensure against theft and fraud, banks, Cash-in-Transit (CIT) and ATM service providers alike have come to rely upon the professional cash audit services offered by L&A.

Armed with extensive industry know-how, we are uniquely qualified to provide expert independent cash audit and compliance monitoring services that address the exposures to loss that banks and their CIT and/or ATM partners face on a day-to-day basis.

For Banks

Whether your contracted CIT carrier(s) run full-scale cash management operations, traditional liability 'storage only' locations, are full service ATM providers, or conduct business from locations that act as 'meet and exchange' points, there are both common and unique risks regarding their handling of your cash inventories that require special consideration.

For each CIT/ATM partner, we will seek to conduct "wall to wall", all account, audits by physically counting all cash/coin inventories and providing verification back to you that your funds are accounted for. At the same time, we look to corroborate what the carrier has in inventory with account balances of the other banks that they service. By conducting each audit in this fashion, we gain a relatively high degree of confidence that available vaulted cash-on-hand, cash on trucks, and/or in ATMs is not being misallocated or inappropriately comingled amongst the various banks or businesses (e.g., retailers) the carrier serves.

Allow us to help you by conducting periodic independent audits of cash assets that are in the care and custody of third-party CIT and/or ATM service providers. Give us a call today to learn how to put our expert cash audit services to work for your bank.

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For CIT Carriers

In helping to prevent fraud, banks, insurers, and regulators alike are seeking greater transparency when it comes to evaluating carrier cash operations and the safeguarding of the cash assets in their custody and control.

L&A's Cash Audit Services provide for periodic, unannounced verification of cash/coin inventories, which entails a complete physical count of the vaulted liability which is then compared to the corresponding daily banking customer reports that are generated by the carrier's cash processing operations for each banking customer. Any variances between physical balances and reported balances are reconciled through verification of all cash movement. Upon reconciliation of each account, a confirmation request is sent to the banking customers asking them to acknowledge their agreement or disagreement with the audited balances.

Accurate, timely, and independently verified cash audits, conducted by a reliable third-party like L&A, are what both the banking customers and CIT carriers rely upon to ensure that prudent and forthright measures are being undertaken to protect from accidental loss, internal theft, or outside criminal activity. Allow L&A to help you improve your operations and risk profile in the eyes of the banks, retailers, and regulators that you do business with. Give us a call today.

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For ATM Service Providers

L&A's Cash Audit Services are designed to safeguard both your cash and the cash inventories provided by your banking partner(s). Our audit services will insure that appropriate controls are in place, and help satisfy inquiries from customers or other third-parties (e.g., insurers, banks, or regulators) requiring that independent external audits be conducted on [at least] an annual basis. Our onsite cash audits consist of a complete vault cash/coin audit involving a physical count, reconciliation with ATM balances, and customer confirmations, along with an abbreviated risk assessment.

So, whether you're a first-line maintenance (FLM) service provider, owner of a network of "white label" ATMs, CIT carrier and/or ATM cash replenisher, L&A can help you mitigate a wide-range of risks associated with your ATM operations. Ask us how we can help you today.

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L&A's Cash Audit Services is a toolset that Banks and their CIT and/or ATM partners can use in the timely identification of out of balance conditions, possible control weaknesses, and operational areas in need of improvement. Failure to identify problems and take corrective action in a timely manner greatly increases the potential for loss and often the severity of loss when losses do occur.

Lastly, every L&A Cash Audit includes a Risk Assessment component. Our veteran Auditors conduct a brief risk survey to assess if the cash processing services operations are functioning in compliance with identified industry best practices and/or client specific standards (where applicable). These best practices and/or client standards are looked at from the perspective of critical processes that may impact the effective and efficient operation of the organization. Recommendations for improving these processes, strengthening controls, and mitigating risks are provided based on the observations.

For over 25 years, L&A has worked closely with various banks and financial services entities to develop cash and coin audit programs designed to independently verify inventory balances and review compliance to processes and controls that are based on industry best practices and/or specific customer requirements or 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!

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