Unannounced Audit of Petty Cash and Change Funds, July 2018

7 |  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 2. Certificate and receipt of imprest funds Observation  Accounting Policies and Procedures, Chapter 9.5 Change Funds and Chapter 17.2 Petty Cash  states:   “Once established, the Certificate and Receipt of Imprest Funds form will remain valid  until one of the following takes places: … custodian changes.”   “Submit a new form if the amount, purpose, location, or custodian of the fund changes”,  and  Accounting Policies and Procedures, Chapter 9.5 Change Funds  states:   “Submit the completed Sarasota County Certificate and Receipt of Imprest Funds form  to the Director of Finance or the Accounts Payable Manager, to establish and authorize  the amount of the change fund. The form must be submitted by the Executive Director  and must designate who will be the custodian of the fund.”  During the review of the Certificate and Receipt of Imprest Funds form for the 24 sampled  funds, the following instances of non‐compliance was observed:   One fund had a change in the custodian and the department failed to submit a new  Certificate and Receipt of Imprest Fund form . The new custodian has been operating the  fund since the beginning of March 2018.   Sixteen Certificate and Receipt of Imprest Funds forms indicated that the custodian took  receipt of the funds prior to approval by the Director of Finance or the Accounts Payable  Manager.  o Of those, seven indicated that the custodian also received the funds prior to the  department director’s signature.  Recommendation To ensure approval of fund custodians by the Departmental Director or Manager and the Clerk  Director of Finance occurs prior to transfer of the funds, mandate compliance with the  Accounting Policies and Procedures, Chapters 9.5 and 17.2.