Audit Committee R 4240 260225

The Knox County Audit Committee convened to review several key audits and internal controls related to county operations and the Knox County Schools. A significant portion of the meeting focused on the audit of the Knox County Schools Internal Schools Fund Purchase Card Program (PECARD), which found that while controls were generally effective and no fraud or prohibited purchases were detected, there were inconsistencies in receipt uploads that could hinder centralized monitoring. Recommendations included enhancing training for end users and considering structural changes to improve accountability. Additionally, the committee reviewed a control risk evaluation of sales tax reporting at the Three Ridges Golf Course, noting excellent control implementation but suggesting documentation improvements. The committee also discussed enhancing agreed-upon procedures for auditing transitions in elected officials' offices to ensure transparency and accountability. The meeting included updates on internal audit self-assessments, peer review preparations, and ongoing audit follow-ups, emphasizing the importance of robust internal controls and oversight to prevent waste, fraud, and abuse.