COM 0109.001 2016-2018 - Laserfiche WebLink

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approval of transactions. When segregation of duties cannot be achieved, mitigating controls such as blind counts, increased supervision, and monitoring, or two -member count teams should be considered. Enlist knowledgeable staff. Policies do not require staff to be knowledgeable about inventory items, knowledgeable about the count process, or to be well trained in various inventory processes. Enlisting knowledgeable staff could expedite the physical count and ensure inventory and inventory records are accurate and complete. • Provide adequate supervision. Policies do not address adequate supervision, instructions and training, assigning count team responsibilities, or reviewing and verifying count sheets. Providing adequate supervision could ensure that all items are properly recorded, tagged, counted, and safeguarded. • Ensure inventory and inventory records are accurate and complete including: o Performance measure. Policies do not address a measurable performance expectation to ensure accurate and complete physical inventory count and inventory records. ■ there is no guidance on when to file a police report ■ there is no guidance on what types of items the County considers sensitive, portable, and prone to theft (under $250) ■ tips on how to safeguard inventory o Establish cycle/frequency of counts. Policies do not require continuous monitoring of items deemed sensitive, portable, and prone to theft or how frequently to count these items. Establishing what to count and how frequently to count could ensure all items are properly accounted and safeguarded. o Perform blind counts. Policies require an annual physical inventory count of items on - hand. A physical count may be performed more frequently of items prone to theft, if required. Policies do not address blind counts. Inventory personnel should be performing blind counts. o Execute physical count to ensure completeness. Policies do not clearly address the physical count process from start to finish, cutoff procedures, organizing storage/warehouse items or verifying these items are in the correct location, or internal control methods for count completion. To ensure the completeness of the physical count, policies should address the count process from start to finish, cutoff procedures, pre -inventory count activities, and internal control methods to validate the accuracy and completeness of the inventory and inventory records. o Perform research. Policies require employees to make a physical check of items on - hand and comparing those records to verify the accuracy of their inventory records. When there are discrepancies, the clerk timely reports the problems to the custodian DPW Highway Maintenance Division Inventory Management: Audit Results 123