Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to receivables and liabilities, along with converting to the full accrual method for GASB 34 purposes. Cause and Effect: AU-C Section 265, entitled Communicated Internal Control Related Matters Identified in an Audit, issued by the American Institute of Certified Public Accountants (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without this assistance, the potential risk exists of the District’s financial statements not conforming with Generally Accepted Accounting Principles (GAAP).
Auditor’s Recommendation: Although auditors may continue to provide such assistance both now and in the future, under this pronouncement, the District should continue to review and accept both proposed adjusting journal entries and footnote disclosures, along with the draft financial statements.
District’s Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgments based on these financial statements. Lastly, the District considers such assistance provided by the auditors to be the most cost effective in preparing such information.
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: We noted that one individual is primarily responsible for the record keeping and financial reporting functions. Cause and Effect: A fundamental element of an effective internal control system is the proper segregation of duties. Proper segregation of duties provides for a system of checks and balances and entails assigning responsibilities of authorizing and recording transactions among different people in the District.
Auditor’s recommendation: The District should attempt to separate many of the ancillary duties of record-keeping including: opening the mail and maintaining a cash receipts log; signing of checks, distribution of payroll checks, and bank reconciliation preparation. In addition, financial information such as check registers, payroll registers and cash receipts journals should be reviewed by someone independent of the preparer or the Board of Education. Lastly, because of the lack of certain segregation of duties, we recommend that those individuals who are responsible for handling financial transactions are appropriately covered by a fidelity bond.
District’s Response: The District understands the importance of having strong segregation of duties and will attempt to separate certain responsibilities as outlined above
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.
Conditions and Criteria: During the audit we noticed that the bank reconciliations for the general fund checking account were not being reconciled against the District’s general ledger software on a regular basis. In addition, we noticed that the business manager prepares the bank reconciliations during the year, however, there is no evidence of review. During the year ended June 30, 2023, we noticed general ledgeraccounts, specifically interfund receivable and payable were not being reconciled on a regular basis. Differences that existed throughout the fiscal year were specifically related to payroll expenditures and
withholdings related to the Food Service Fund and General Fund. Effect: The effect of not preparing bank reconciliations that are reconciled against the District’s general ledger is that reporting errors in the recording of cash receipts, cash disbursements and wire transfers can occur and not be detected or resolved in a timely manner. In addition, because the business manager has access to the general ledger throughout the year, evidence of a review is important to demonstrate proper segregation of duties. The effect of not reconciling interfund receivable and payable accounts for all governmental funds on a consistent basis allowed the accounts to not equal in the aggregate. Interfund receivable and payable accounts were reconciled at the time of the audit.
Auditors’ Recommendation: We recommend that as part of preparing monthly bank reconciliations, the reconciliation with the balance from the general ledger should be performed. Any differences should be immediately investigated and corrected. Once completed, the reconciliation should be reviewed by someone independent of the preparer. Both, the individual preparing and reviewing the bank reconciliations should sign or initial and date the reconciliation when completed. We recommend that the District incorporate procedures to ensure that such general ledger accounts are reconciled on a monthly basis. It is important that a dual accounting system is utilized in each individual fund and transactions between funds should be booked through the interfund receivables and payables.
School District’s Response: The District will ensure that bank reconciliations are prepared on a timely basis throughout the year, which includes a reconciliation to the general ledger. The District will have the Superintendent review bank reconciliations. Once completed, the preparer and reviewer will sign and date each reconciliation to evidence their completion. Lastly, the District will reconcile due to/due from accounts on a monthly basis.