8 | Unannounced Audit of Petty Cash and Change Funds February 2022 3. Cash Management Training. Observation Accounting Policies and Procedures, Chapter 9.5 Change Funds require custodians and their supervisors to attend yearly Cash Management training, which is offered online. Custodians are required to complete the training within 30 days of assuming responsibility of a change fund. Training records reflected that one of fourteen (7.1%) reviewed did not complete the training within the past year. Recommendation Ensure compliance with the Accounting Policies and Procedures requiring annual Cash Management training and monitor appropriately. Management Response Provide management’s response here.
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