INTERNAL AUDIT DIVISION
Internal Audit is responsible for conducting independent reviews to determine that: 1) events, transactions, adjustments, and processing procedures are established, authorized, and maintained in accordance with laws, regulations, contracts and management's policy; 2) transactions are accounted for economically, efficiently processed, accurately and promptly recorded, and properly reported; 3) recorded balances are periodically substantiated and evaluated; and 4) city assets and key forms, records, and files are properly safeguarded, and access thereto appropriately restricted. In addition, Internal Audit is responsible for conducting field audits of businesses responsible for remitting resort taxes and telecommunications to the City. Audits are accomplished to determine compliance to the City ordinance and may result in assessment of additional taxes, penalties, and interest.Internal AuditsInternal audit has identified various areas within the City subject to internal audit review. Audits are scheduled for those areas targeted by the Internal Audit Division based on a risk assessment approach. Audits are classified as to high, medium or low risk. Higher assigned risk areas are subject to more frequent audits, and lower risk areas are often less frequent. This risk assessment is updated annually by the division. In general, our internal audit goals are as follows:
However, special circumstances are taken into account which may lengthen or shorten the period. In addition, unplanned projects may impact the schedule in any given year. Annually required audits include those mandated by City Code and State Agreements, as well as providing assistance to the City’s external auditors. The city utilizes the City Commission’s Committee of the Whole as the Audit Committee for the City and an annual report summarizing the internal audit activities for the fiscal year is presented to the Committee. Annual Risk Assessment Annual Reports to Audit Committee: Finance and Citywide Projects Committee 12-16-2008 Finance and Citywide Projects Committee 01-26-2010 Committee of the Whole 11-17-2010 Committee of the Whole 05-11-2011 Interim Committee of the Whole 01-11-2012 Committee of the Whole 01-16-2013 Committee of the Whole 02-12-2014
Resort Tax AuditsScheduled audits are based upon the type of business, actual resort tax receipts received, and the frequency of the last audit. There are approximately 1,830 businesses registered to collect resort taxes. Our goal is to audit businesses filing monthly which consists of hotels, restaurants, nightclubs, and bars at least once every four to five years and business filing annually representing apartments having less risk audited at a less frequent basis. New monthly accounts are targeted to be audited soon after they are opened to ensure compliance.