4 / 13
Background and Objectives
The Clerk of the Circuit Court and County Comptroller’s
Internal Audit Department and Office of
the Inspector General
has completed an unannounced audit of the County’s petty cash and
change funds. The audit was planned and conducted in conformance with the
International
Standards for the Professional Practice of Internal Auditing (Standards)
. Those standards
require that we plan and perform the audit to obtain sufficient, appropriate evidence to
provide a reasonable basis for our findings and conclusions based on our audit objectives. We
believe the evidence obtained provides a reasonable basis for our findings and conclusions
based on our audit objectives. The purpose of the audit was to review internal controls,
compliance with applicable policies and procedures, and reconcile petty cash and change funds.
Background
Internal Audit completed an unannounced audit of the County’s petty cash and change funds in
November 2016, identifying two opportunities for improvement. In that audit, a sample of 25
of the 49 petty cash and change funds totaling $12,673 in existence at that time was tested for
compliance with the Accounting Policies and Procedures, Chapter 17.2 Petty Cash and Chapter
9.5 Change Funds. Chapter 17.2 Petty Cash provides the policy for establishing and making
purchases from a petty cash fund. The document indicates that petty cash funds are established
for the purpose of handling cash expenditures of a minor nature and are limited to purchases of
$100 or less. Chapter 9.5 Change Funds indicates that change funds are established for the
purpose of making change where money is collected during transactions of County business.
Unannounced cash counts and cash control evaluations are continuous audits performed by
Internal Audit. Accordingly, an unannounced cash count was completed in April 2017, which
included 24 of the 48 petty cash and change funds totaling $13,023 as of March 28, 2017,
located within various departments throughout the County.
3 |
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
M a y 2 0 1 7