Unannounced Audit of Petty Cash and Change Funds, July 2018

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 8 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,   Ensuring that the Certificate and Receipt of Imprest Funds form is valid,   Deposit procedures, and,   Change fund use.  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.