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Petty‑cash audit finds misclassified accounts and control gaps; finance to reduce accounts
Summary
An internal audit found 25 petty‑cash accounts (totaling $16,637) with misclassifications, inaccurate balances, and instances of inappropriate reimbursements and weak segregation of duties; Knox County Finance will work with departments to close or reclassify accounts and consider P‑card substitutions.
Knox County internal audit presented a petty‑cash audit Jan. 29 that identified inaccurate and misclassified accounts, inappropriate reimbursements, and segregation‑of‑duties weaknesses across county departments.
Philip Vincent, an internal-audit staff member who led the review, told the committee auditors identified 25 petty‑cash accounts in Munis totaling $16,637 and grouped by department. "We identified 25 petty cash accounts within our scope, totaling $16,637," Vincent said, and noted only seven accounts were actively…
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