The Vendor is required to provide the assessment of internal audit control procedures over its cash and credit card payment collection points, and the design of an internal auditing program to be used for future internal audits at the metro parks.
- Analysis and Audit Development, Phase 1 & 2
- Phase 1: assess the level of risk at cash collection points, observing and documenting current procedures associated with internal controls, identifying risks, and providing recommendations for improved cash collection & handling functions.
• Cash and credit card receipt and disbursement processes
• Point of sale operations
• Cash reconciliation procedures
• Bank deposit procedures
• Petty cash fund management
• Accuracy and timeliness of cash reconciliation and reporting
• Assess compliance with relevant accounting standards and regulations
• Risk management, identifying opportunities for theft or embezzlement
• Evaluate adequacy of current fraud prevention or detection controls
• Assess risks associated with cash handling equipment and technology, including cash registers or POS systems, software and system controls, and data security methods
• Measure compliance with federal, state and local regulation.
- Phase 2: develop a rotational internal audit plan, based on the risk rating methodology developed in phase 1.
• Prioritizing identified risks based on their potential impact, and likelihood of occurrence
• Develop a risk-based audit plan to ensure that high-risk areas are audited more frequently
• Develop a detailed audit schedule, outlining frequency of audits for each cash handling location or function
• Consider factors such as transaction volume, complexity, and areas where incidents have occurred in the past
• Determine necessary resources such as personnel and technology to effectively execute the internal audit plan
• Develop standardized templates or documents for audits, such as checklist or reports
• Determine clear guidelines for documenting audit procedures, evidence, and findings
• Developing comprehensive internal audit policies and procedures to guide the audit process
• Policies should cover audit scope, methodology, reporting, and follow-up recommendations
• Adopt relevant auditing standards and guidelines to ensure quality and consistency
• Identify necessary staff and technology required to complete future audits
• Develop a training plan for staff members who are to be engaged in this process
• Implement a quality assurance and improvement program to monitor effectiveness of the internal audit function.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 06, 2025