6 | Unannounced Audit of Petty Cash and Change Funds February 2022 1. Segregation of Duties. Observation Accounting Policies and Procedures, Chapter 9.5 Change Funds state that “only the person designated the custodian is permitted access to the change fund, unless the use of compensating controls are authorized by the Finance Department of the Clerk of Circuit Court and County Comptroller.” A sample of 17 change funds were selected and an unannounced cash count was performed for each one. During the counts, it was noted that 6 funds (35.3% of the sample tested) were accessible to individuals other than the designated custodian (See Appendix A: Segregation of Duties). Management advised during the prior audit that to account for the department-level operational restrictions in various areas, compensating control procedures had been developed and submitted to the Finance Department for approval. Recommendation To ensure a proper segregation of duties, mandate compliance with the Accounting Policies and Procedures, Chapter 9.2 Business Center Receipt, Balance, and Deposit of Cash. Management Response Provide management’s response here.
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