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Annual fraud risk assessment shows Murray City at ‘very low’ risk, finance staff tell council
Summary
Finance staff reported the city’s annual fraud risk assessment score places Murray at the top risk‑category (very low). Staff described internal controls, qualifications, and training steps to maintain oversight.
Finance staff told the council on Aug. 5 that Murray City scored in the “very low” risk band on the state auditor’s fraud risk assessment and summarized the controls that supported the rating.
Brenda Moore, who presented the item, said the city’s score was between 355 and 395, placing Murray in the “very low” fraud risk category under the state auditor’s rubric. Moore described basic separation of duties, documented policies (procurement, travel, credit card use, personal use of assets) and periodic review of controls by the city auditor. Moore also noted professional qualifications among staff: she said she is a CPA, another staff member recently became a CPFO, and several finance personnel hold college degrees.
Moore said that department heads and employees who handle cash or customer transactions are required to acknowledge the city’s code of ethics annually and that after the upcoming election the council will be asked to complete the state auditor’s training for council members. She said the city does not maintain a formal internal audit department — the city relies on the annual external audit and auditor review of internal controls — but staff believe that is appropriate given the city’s size and the auditor’s oversight.
A council member asked whether creating a standing audit function or regular internal audits would count as a formal internal audit; Moore said it could, but noted Murray already scores in the highest (lowest‑risk) category so additional points would not change the assessed category. Moore closed by asking whether there were any questions; council members expressed general approval of the report.
No council action beyond acceptance and questions occurred at the meeting.
