3 | Unannounced Audit of Petty Cash and Change Funds November 2024 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 continuous 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 compliance with applicable policies and procedures and perform unannounced reconciliations of petty cash and change funds. Background The Internal Audit Department (IAD) completed an unannounced audit of the County’s change funds in February 2022, identifying five opportunities for improvement. In that audit, a sample of 17 of the 34 change funds, totaling to $9,778, were tested for compliance with the Accounting Policies and Procedures, Chapter 17.2 Petty Cash, and Chapter 9.5 Change Funds. 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. Chapter 17.2 Petty Cash provides the policy for establishing and making purchases from a petty cash fund, indicating that petty cash funds are established for the purpose of handling cash expenditures of a minor nature that are limited to purchases of $100 or less. It was noted that of the 34 active, County funds, there were no Petty Cash funds issued to custodians at the time of that audit. Unannounced cash counts and cash control evaluations are continuous audits performed by the Internal Audit Department. In accordance, an unannounced cash count was completed in September 2024, which included 17 of the 32 active Petty Cash and Change Funds, located within various departments throughout the County, totaling a listed amount of $5,200 in existence at the time. Please note that while 3 of the 32 County funds are currently labeled as Petty Cash, those funds were beyond IAD's jurisdiction to audit and therefore were unable to be considered for the random sample pool.
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