Unannounced Audit of Petty Cash and Change Funds, July 2018

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 8 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 24 out of 48 imprest funds, including one petty cash fund  and 23 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.