Audit 404340

Finding 2025-001 - Title I Grants to Local Educational Agencies – Assistance Listing Number 84.010 Condition: Management did not complete monthly bank reconciliations for the District's operating accounts from March 2025 through June 2025 in a timely manner. Criteria: Effective internal controls require that bank reconciliations be prepared and reviewed monthly to ensure cash balances are accurate and that errors or irregularities are identified and corrected promptly. Cause: Due to inadequate oversight and monitoring of the District's cash reconciliation process, monthly reconciliations were not completed. Effect: As a result, significant discrepancies were not identified and corrected on a timely basis, requiring multiple audit adjustments to accurately state the District's financial records and year-end balances. Auditor’s Recommendation: We recommend that management implement procedures to ensure that all bank accounts are reconciled on a monthly basis and that reconciliations are completed and reviewed in a timely manner.

Coronavirus State and Local Fiscal Recovery Funds – Assistance Listing Number 21.027 Finding 2025-002 - Coronavirus State and Local Fiscal Recovery Funds – Assistance Listing Number 21.027 Condition: Management did not complete monthly bank reconciliations for the District's operating accounts from March 2025 through June 2025 in a timely manner. Criteria: Effective internal controls require that bank reconciliations be prepared and reviewed monthly to ensure cash balances are accurate and that errors or irregularities are identified and corrected promptly. Cause: Due to inadequate oversight and monitoring of the District's cash reconciliation process, monthly reconciliations were not completed. Effect: As a result, significant discrepancies were not identified and corrected on a timely basis, requiring multiple audit adjustments to accurately state the District's financial records and year-end balances. Auditor’s Recommendation: We recommend that management implement procedures to ensure that all bank accounts are reconciled on a monthly basis and that reconciliations are completed and reviewed in a timely manner.