8 | Unannounced Audit of Petty Cash and Change Funds November 2024 3. Safeguarding of County Assets Observation During each unannounced cash count, IAD observed various internal controls related to the safekeeping of the County’s assets (Imprest Funds) and identified one concern of: • Lock box/Imprest Fund keys free in an “accessible” drawer at two separate locations Accounting Policies and Procedures (Chapter 9.5 Policy 4) states, "only the person designated [as] the custodian is permitted access to the fund", unless otherwise documented in an approved departmental policy and procedure. If the Imprest Funds/ County assets are not well secured, it could lead to potential issues of theft, misuse, and/or unclear custodian accountability for/to the fund. Recommendation To ensure the proper safeguarding of County assets, mandate compliance with Accounting Policies and Procedures (Chapter 9.5, Procedure 4) requiring the Change Fund cash to be stored “in a locked bag in a secure location, [such as a] safe/vault or a locked filing cabinet with limited access”. Management Response We are in agreement with the recommendation. Management is taking steps to ensure that change funds are stored in a secure location with limited access.
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