Final answer:
The cash verification team is tasked with ensuring the accuracy of interest and change funds, which involve verifying balances, receipts, and compliance with financial policies.
Step-by-step explanation:
The cash verification team is responsible for ensuring the accuracy and integrity of financial transactions that involve interest and change funds. The term imprest fund refers to a fixed cash or cash equivalent fund established for paying small expenses or for providing change.
This type of fund has a set balance and must be replenished after expenses are incurred. A change fund is a petty cash fund used specifically for making changes in various business transactions.
The cash verification team's primary responsibility is to verify that the amounts in these funds are accurate, that receipts and documentation match the disbursements, and that all transactions comply with company policies and procedures.