Fidelity bonds exceeding cash accountability
Department of Public Works and Highways · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency was paying for insurance bonds that were larger than the actual cash the cashier and disbursing officer were responsible for, wasting money on extra premiums. The bond amounts were reduced to match their accountability.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Request for adjustments/reduction on the amount of fidelity bonds corresponding to his/her actual maximum cash accountability to prevent incurrence of payments of additional premiums;"