Audit of Economic Development Incentive Fund Program, April 2019

2 |  A u d i t o f E c o n o m i c D e v e l o p m e n t I n c e n t i v e F u n d P r o g r a m  A p r i l 2 0 1 9 Executive Summary As part of the Annual Audit Plan, the Clerk of Circuit Court and County Comptroller’s  Internal  Audit Department and Office of the Inspector General  conducted an independent audit of the  Economic Development Incentive Fund Program. The purpose of the audit was to assess  compliance with applicable Florida Statutes, county ordinances, agreements, and policies and  procedures related to the incentive fund program.  The audit found that the economic development incentive fund program:   Reimbursed an entity although they failed to perform per the agreement,   Lacked sufficient supporting documentation for payment requests,   Lacks approved policies and procedures,   Is not compliant with Florida Statute 125.045(4),   Is not compliant with Accounting Policies and Procedures, section 9.10   Lacks monitoring and retention processes related to completed applications.  A lack of approved policies and procedures results in a higher risk that the incentive fund  program will expose the County to compliance risks and inappropriate reimbursements.