Bank Reconciliation Audit Fiscal Office January 1, 2023 – December 31, 2023

An audit was conducted to assess the adequacy, completeness, and accuracy of the Fiscal bank reconciliation process. The bank reconciliation process had been an area of higher risk due to the historic issues associated with the bank reconciliation, including bank reconciliations not being performed timely and having an unreconciled difference between bank and book of approximately $2.2 million. The Department of Internal Audit conducted interviews with management regarding procedures that the Fiscal Office utilizes for bank reconciliations. Internal Audit reviewed the adequacy of procedures relating to the performance and review of bank reconciliations. Internal Audit also assessed the adequacy of spreadsheet controls utilized on the bank reconciliation. A test of transactions was performed to assess the completeness and accuracy of the bank reconciliation. Our audit procedures disclosed internal control weaknesses and/or areas of potential process improvement related to management of accounts payable and payroll checks outstanding for over one year and documented review of consolidated bank reconciliation.