Unannounced Audit of Petty Cash and Change Funds, July 2019

4 | 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 Objectives, Scope and Methodology In order to assist the County in meeting its stewardship responsibilities for the public assets and resources placed in its trust, an unannounced audit was performed of its petty cash and change funds. The objectives of this audit were to determine if (1) internal controls over petty cash and change funds are operating effectively, (2) departments are in compliance with the Accounting Policies and Procedures, and (3) reconciled balance of funds agree to the amount recorded on the Certificate and Receipt of Imprest Funds. To meet the objectives of the audit, the procedures performed included, but were not limited to, the following: • Obtained an understanding of the Accounting Policies and Procedures as they relate to petty cash and change funds. • Performed inquiries of County personnel. • Evaluated internal controls related to segregation of duties and safeguarding the County’s assets, specifically for petty cash and change funds. • Reconciled a random sample of 25 out of 49 imprest funds, including one petty cash fund and 24 change funds, and compared the balance to the amount recorded on the Certificate and Receipt of Imprest Funds. • Reviewed Cash Management training records maintained by Human Resources. • Validated that the electronic document retention system (OnBase) is utilized to archive the approved Certificate and Receipt of Imprest Funds forms. • Identified Opportunities for Improvement.