Unannounced Audit of Petty Cash and Change Funds, July 2019

9 | U n a n n o u n c e d A u d i t o f P e t t y C a s h a n d C h a n g e F u n d s J u l y 2 0 1 9 4. Certificate and Receipt of Imprest Fund Observation Accounting Policies and Procedures, Chapter 9.5 Change Funds and Chapter 17.2 Petty Cash states: • “Once established, the Certificate and Receipt of Imprest Funds form will remain valid until one of the following takes places: … custodian changes.” • “Submit a new form if the amount, purpose, location, or custodian of the fund changes”, and Accounting Policies and Procedures, Chapter 9.5 Change Fund states: • “Submit the completed Sarasota County Certificate and Receipt of Imprest Funds form to the Director of Finance or the Accounts Payable Manager, to establish and authorize the amount of the change fund. The form must be submitted by the Executive Director and must designate who will be the custodian of the fund.” During review of the Certificate and Receipt of Imprest Funds form for the 25 sampled funds, the following instances of non-compliance was observed: • Three Certificate and Receipt of Imprest Fund forms indicated that the custodian took receipt of the funds prior to approval by the department director’s signature. Recommendation To ensure approval of fund custodians by the Departmental Director or Manager occurs prior to transfer of the funds, mandate compliance with the Accounting Policies and Procedures, Chapters 9.5 and 17.2. Management Response A follow up communication has been sent to management teams and related updates to the online cash management training will be implemented by June 1, 2019. We will continue to communicate the Certificate authorization requirements in order to achieve and maintain ongoing compliance with policies and procedures.