Key Middle School Procurement Card Audit

Key Middle School Procurement (Credit) Card Audit May 2008 “promoting an efficient & effective school division” Executive Summary Our review of Key Middle School procurement (credit) cards revealed that internal controls were adequate. In general, expenditures appeared reasonable, properly approved, and supported by appropriate documentation. In addition, the procurement (credit) cards appeared to be in compliance with the Regulation 5350.2 Finance Office Procurement (credit) Card Management for Appropriate Funds (effective 06-16-03). Areas where controls could be strengthened are: • Transaction information should be expanded on the log and maintained consistently • Alternate procurement methods should be used or a limit increase requested when a purchase exceeds card limitations Background The purpose of the Fairfax County Public Schools’ (FCPS) procurement (credit) card program is to provide an efficient, reliable method of procurement to acquire needed goods and services in a timely and efficient manner. While the use of a procurement card can simplify and expedite procurement, its use requires strict adherence to internal control procedures and a commitment to accompanying accounting procedures. In most cases, card use reduces staff procurement efforts and shortens delivery time; however, it increases the need for financial tracking and control efforts. The Office of Finance, Accounting Section, is responsible for ...