The concept of Bait Money!
Bait Money is a security feature used by various Banks/Bank branches. As its name suggests, this money kept with the Banks/Bank branches helps in tracking the culprits in case of any theft provided it has been taken by the thieves.
Bait Money is basically a small pile of currency notes, information w.r.t. which has been duly noted by the designated Bank officials and is kept in safe custody so that in case of any unfortunate happening, such as theft, that information can be used to track the criminals.
Information w.r.t. Bait Money primarily involves currency Note serial numbers and the same can be maintained in following ways, among others:
Care should be taken that not too many currency Notes are kept as Bait Money, especially, in the case where the serial numbers of those currency Notes are being maintained in a Logbook. It’s because error might creep in while noting the respective serial numbers.
The best way to go about it would be to keep a print of Bait Money notes and to keep it in safe custody of the designated Bank official.
Our role as Concurrent Auditors!
Thus, small checks like these will go a long way in ensuring the effectiveness of Concurrent Auditing exercise and safety of the respective Banks.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net