Unannounced Audit of Petty Cash and Change Funds, July 2019

5 | 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 Opportunities For Improvement and Management Responses The audit disclosed certain policies, procedures, and/or practices that could be improved. The audit was neither designed nor intended to be a detailed study of every relevant system, procedure, or transaction. As a result of the audit, observations and recommendations identified below are related to Standards : • (Standard 2110) Communicating risk and control information to appropriate areas of the organization, and • (Standard 2130.A1) The effectiveness of controls related to operations and programs, and compliance with policies and procedures. The Opportunities for Improvement presented in this report may not be all-inclusive of areas where improvement may be needed. There were four Opportunites for Improvement identified as a result of the audit: 1. Segregation of Duties Requirement 2. Reconciliation Identifies Variances 3. Procedures for Copier and Printing Machines 4. Certificate and Receipt of Imprest Fund