10 | Unannounced Audit of Petty Cash and Change Funds February 2022 5. Receipt for Deposit of County Funds. Observation Accounting Policies and Procedures Chapter 9.2 Business Center Receipt, Balance, and Deposit of Cash require that management “prepare a Receipt for Deposit of County Funds no later than the next day”. Chapter 9.2 also requires that a Receipt for Deposit of County Funds form be submitted with a completed bank deposit slip and supporting documentation, such as receipts, cash register tapes, system generated reports, and deposit capture reports, to the Finance Department. The auditor obtained the prior two weeks of Receipt for Deposit of County Funds forms from the date the unannounced cash count was performed for each sampled change fund. If deposits were not made during the two week time frame, the three most recent Receipt for Deposit of County Funds forms were obtained for review. In total, there were 20 Receipt for Deposit of County Funds forms identified and reviewed related to the 17 sampled changes funds. During review of the 20 Receipt for Deposit of County Funds forms, the auditor noted: • 16 instances (80%) where the form was submitted between 3 and 9 business days, • 6 instances (30%) where the form was submitted to the Finance Department 6 or more business days later, • 6 instances (30%) where supporting cash receipts were not included with the documentation, and • 1 instance (5%) where a bank deposit slip was not included with the documentation. Recommendation To ensure compliance with Accounting Policies and Procedures Chapter 9.2 Business Center Receipt, Balance, and Deposit of Cash, each custodian should prepare a Receipt for Deposit of County Funds form no later than the next day and promptly submit the form, with all required supporting documentation, to the Finance Department.
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