Title
Presentation: Internal Control and Fraud Risk Vulnerability Study
Body
Issue/Request:
The special audit of the City's Internal Control and Fraud Risk Vulnerability was completed by 65th North Group, in fiscal year 2024 and will be presented to the City Council.
Background:
The City engaged 65th North Group to perform a special audit of the City's Internal Controls and Fraud Risk Vulnerability.
The objectives of the audit is to:
- Perform a management audit of the City's accounting and financial reporting by reviewing the City's current policies, processes, procedures, and overall management of the
Finance Department.
-Review the following areas: general practices, financial records, cash receipts, purchasing, cash disbursements, billing systems, property and equipment, investments.
-Review all policies and practices in place, cite best practices, identify gaps in policy, procedure, and practices, and provide recommendations for improvement based
upon generally accepted accounting principles (GAAP).
-Review the following range of activities: technology systems access, approvals, authorizations, verifications, reconciliations, security of assets and segregation of duties.
-Interact with available City resources, including but not limited to: Finance management and staff, financial systems, records, and relative financial data.
-Use the activities during the period July 1, 2022 thru June 30, 2023 as a basis for this audit with the prior two fiscal years available should there be need.
Presenter
David Ross, 65th North Group
Briana Burrichter, Finance Director