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File #: 20-3014   
Type: Orange County Transportation Authority Item Status: Committee Ready - Consent
File created: 10/19/2020 In control: Finance and Administration Committee
On agenda: 11/11/2020 Final action: 11/23/2020
Title: Audit of Banking Services and Agreement with Bank of the West, Internal Audit Report No. 20-507
Sponsors: Ricco Bonelli, Janet Sutter
Attachments: 1. Transmittal, 2. Staff Report, 3. Attachment A

Title

Audit of Banking Services and Agreement with Bank of the West, Internal Audit Report No. 20-507

 

Overview

The Internal Audit Department of the Orange County Transportation Authority has completed an audit of banking services and Agreement No. C-7-2159, with Bank of the West. Based on the audit, controls, policies, and procedures over banking activities are generally adequate and operating, and Bank of the West is in compliance with the agreement. The Internal Audit Department offered two recommendations to further enhance controls related to bank-authorized signers and bank statement analyses.

 

Recommendation(s)

Direct staff to implement two recommendations provided in the Audit of Banking Services and Agreement with Bank of the West, Internal Audit Report No. 20-507.