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Accept the Auditor-Controller's Internal Audit Division's Countywide Fixed Assets Internal Control Review as of June 30, 2023
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Auditor-Controller's Office (ACO) recommends the Board of Supervisors accept the Countywide Fixed Assets Internal Control Review as of June 30, 2023.
SUMMARY:
Pursuant to the ACO Internal Audit Division's FY2024/25 Audit Plan, the ACO reviewed the fixed assets inventory process. The review was conducted in conformance with the International Standards for the Professional Practice of Internal Auditing as developed by the Institute of Internal Auditors.
The objective of the review was to determine if internal controls over the fixed assets inventory process are appropriate to provide complete and accurate record keeping while mitigating the risks of asset loss and non-compliance with applicable laws, regulations, and codes. The scope of the ACO review focused on annual inventory process and department internal controls for the year ending June 30, 2023.
In any system of internal controls inherent limitations exist which may result in errors or irregularities occurring and not being detected. Limitations may include, but are not limited to, resource constraints, management override, and circumvention of internal controls by collusion. Accordingly, the review would not necessarily identify and disclose all weaknesses.
The Fixed Assets Internal Control Review identified two findings and one opportunity for improvement. Additional details on the fixed asset inventory process and the findings are included in Attachment A.
FINANCIAL IMPACT:
The acceptance of the report has no financial impact.
DISCUSSION:
Departments are required to submit an annual certification of their fixed assets as of June 30th to the ACO. County fixed assets are tagged with a barcode, with exceptions for items that ar...
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