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Finance presents P‑card audit, voucher review and adopts financial policies with six‑month cash policy review
Summary
Finance presented an internal audit of purchasing card (P‑card) use, reported audit findings and monitoring plans, reviewed vendor vouchers including a large bonding payment, and the committee approved three financial policies with an amendment to revisit the cash receipt policy in six months.
Finance staff presented the committee with the results of the first quarterly internal audit of county purchasing card (P‑card) use and described steps to tighten controls, train users and monitor compliance.
Beata, the county’s chief financial officer, said the audit drew a sample from November through January and that some sampled transactions occurred before a formal P‑card policy and training were in place. She said the audit sample included 150 transactions and that 16% of that tested population did not have a bank statement attached in the system; the audit identified about $21,000 of transactions without attached statements and an average of about $686 per such transaction. Beata said training on the new P‑card policy ran from late January through early…
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