Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.
Significant Deficiency ? Limited Segregation of Duties Criteria: Internal controls should be in place to provide reasonable assurance that individuals have access to only one phase of the accounting process. Condition: The size of the office staff precludes segregation of accounting functions complete to assure adequate internal control. The Business Manager prepares bank reconciliations and posts cash receipts and disbursements to the District?s general ledger. Effect: Because of the lack of segregation of duties, there is a risk that the accounting records may be misstated or reports may be completed improperly and may not be prevented or detected and corrected on a timely basis. Recommendation: To address the control deficiency relative to the cash receipts and cash disbursement cycles, we recommend that an employee other than the District Account review the monthly bank reconciliation.
Significant Deficiency ? Annual Financial Reporting Under Generally Accepted Accounting Principles (GAAP) Criteria: Management is responsible for establishing internal controls to assure the District?s annual financial reporting is in accordance with GAAP. Condition: The potential exists that a material misstatement of the annual financial statements could occur and not be prevented or detected by the District?s internal controls. Effect: The District engages the audit firm to prepare drafts of its annual financial statements and related footnote disclosures in accordance with GAAP based on information and trial balances provided by management. Cause: The District?s staff does not possess the technical expertise, or the time required to draft the year end external financial statements. Recommendation: The District should continue to evaluate its internal staff and expertise to determine if an internal control policy over the annual financial reporting is beneficial. Management should review key disclosures in a checklist and receive additional education.