Unannounced Audit of Petty Cash and Change Funds, July 2018

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 8 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 five Opportunities for Improvement  identified as a result of the audit:  1. Segregation of duties requirement  2. Certificate and receipt of imprest funds  3. Check endorsement and daily deposit  4. Usage of sealed deposit bags for daily receipts  5. Purpose of change fund