Unannounced Audit of Petty Cash and Change Funds, July 2019

2 | 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 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 unannounced continuous audit of Petty Cash and Change Funds. Continuous Audits have narrowly defined scopes, are conducted on a recurring basis to identify risks and test controls, and result in timely notification of gaps and weaknesses. The audit found that Accounting Policies and Procedures are not consistently being followed throughout the County in regards to: • Limiting change fund access, • Reconciling funds, • Procedures for copier and printing machine, and • Ensuring that the Certificate and Receipt of Imprest Funds form is valid. Non-compliance with Accounting Policies and Procedures results in a higher risk of misappropriation of cash and cash equivalents as well as inadequate records of who is accountable for transactions. Additionally, this audit and the previous audit, dated July 2018, determined that the County has maintained compliance with the annual cash management training for custodians and supervisors.