Auditor General's Report on the Public Accounts of Montserrat 2004

3.13 PUBLIC LIBRARY
3.13.1 Trust Fund Management
148. The Public Library operates a Trust Fund. Moneys generated are used
to purchase supplies. During the fiscal year, a sum of $7,103.49 was
withdrawn from the fund. A single person was responsible for withdrawing
funds and purchasing items. The sum withdrawn was spent however there is
no supporting documentation – payments all made by cash - to show the types
of items purchased or their value. No cash book was maintained and hence
no bank reconciliations are prepared. A management control system seemed
non-existent or it was ineffective.
149. It is therefore suggested that management develop an internal
control system. This should include but is not limited to adequate
segregation of duties, preparation of cash book, reconciliations for receipts
and bank account(s), and more robust monitoring mechanisms.
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