Audit 26452

FY End

2022-12-31

Total Expended

$15.55M

Findings

2

Programs

1

Organization: Tri County Electric Cooperative, Inc. (OK)

Year: 2022 Accepted: 2023-05-11

Auditor: Lwg CPAS & Advisors

Organization Exclusion Status:

Checking exclusion status...

ID	Ref	Severity	Repeat	Requirement
36226	2022-001	Significant Deficiency	Yes	P
612668	2022-001	Significant Deficiency	Yes	P

ALN	Program	Spent	Major	Findings
97.036	Disaster Grants - Public Assistance (presidentially Declared Disasters)	$15.55M	Yes	1

Contacts

Name	Title	Type
D1YUJQUMGQE3	Kirk Collier	Auditee
5806522418	Earl Ridlen	Auditor
No contacts on file

Notes to SEFA

Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Cooperative's financial statements. Such expenditures are recognized following the cost principles in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.

Finding Details

Finding 2022-001

Criteria ? Duties within the accounting department should be allocated to assist in the prevention of management override of controls and provide checks to procedure to detect misstatements. Condition & Context ? More than one employee has the ability to complete multiple parts of tasks. For the year ended December 31, 2022, Tri-County Electric Cooperative, Inc. has failed to appropriately segregate duties in certain accounting areas consistent with control objectives. Cause - Tri-County Electric Cooperative, Inc. does not have resources available to have a fully staffed accounting department to properly segregate duties. Effect ? Because there is no other employees with which to share duties the likelihood that controls could be overridden or material errors go undetected is increased. Recommendation ? Due to the size of the organization and the presence of some mitigating controls, no recommendation to increase the size of the accounting department was made.

Finding 2022-001

Criteria ? Duties within the accounting department should be allocated to assist in the prevention of management override of controls and provide checks to procedure to detect misstatements. Condition & Context ? More than one employee has the ability to complete multiple parts of tasks. For the year ended December 31, 2022, Tri-County Electric Cooperative, Inc. has failed to appropriately segregate duties in certain accounting areas consistent with control objectives. Cause - Tri-County Electric Cooperative, Inc. does not have resources available to have a fully staffed accounting department to properly segregate duties. Effect ? Because there is no other employees with which to share duties the likelihood that controls could be overridden or material errors go undetected is increased. Recommendation ? Due to the size of the organization and the presence of some mitigating controls, no recommendation to increase the size of the accounting department was made.