4 | Unannounced Audit of Petty Cash and Change Funds November 2024 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 objective(s) of this audit were to determine if: 1) The internal controls over petty cash and change funds are operating effectively, 2) Departments are in compliance with the Accounting Policies and Procedures, and that the 3) Reconciled balance of funds agreed to the amount recorded on the Certificate and Receipt of Imprest Funds. To meet the objective(s) 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 17 out of 32 Imprest 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. • Analyzed various Receipts for Deposit of County Funds to determine the processing time and overall compliance with the Policies and Procedures for cash deposits from County funds. • Identified Opportunities for Improvement.
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